06 August 2015

SP 500 and NDX Futures Daily Charts - Non-Farm Payrolls Tomorrow

The market is expecting about 229,000 new jobs tomorrow in the July Non-Farm Payrolls report.

A number below 200,000 will probably shake the Street up a bit, and get them thinking about the Fed holding off on raising rates, as the Bank of England's Mark Carney today did, deferring to 2016 because of the weak economy. But since the Fed is not particularly interested in the real economy these days, except as an impediment to their model driven ride, I think it will have to be a lot worse than that to keep them from their appointed rounds.

It was like a waking nightmare on Bloomberg TV today. They first had John Thain, the CEO who presided over the meltdown of Merrill Lynch and now the head at CIT, giving forth economic wisdom. And not to be outdone, in the afternoon we saw none other than Abby Joseph Cohen of Goldman Sachs giving advice to grads on how to get a good job in a lousy economy.

Holy cow. I could almost see the images of Jack Grubman, Henry Blodget, and Mary Meeker hovering behind the scenery like some torturish flashback, the ghosts of bubbles past.

Let's see how the jobs report comes out of the Washington statistics extruder tomorrow morning.

Have a pleasant evening.