Non-Farm Payrolls Report tomorrow. My forecast is that whatever the monthly number might be, high or low, it will be much ado about nothing. What is important is the trend, the quality of jobs, and median wages paid.
The people, primarily of Europe and the UK, are perturbed over the LIBOR scandal and its implications.
Americans for the most part, with a few significant exceptions, toddle on in blissful ignorance, although they have a sneaking suspicion that 'something is not right' and are feeling restless, ripe targets for demagoguery.
Volume on the exchanges are very thin, not unusual for a summer holiday week. And as Joe Saluzzi observes below, much of that volume is phony activity generated by the parasites of the HFT world.
The financial world is sick, in critical condition, infested with fees and frauds and cons. And no one is even sending flowers, so great is the denial.
Is this how it ends, not with a bang but a whimper? That is how the Soviet Union fell.
