And the fake employment number is out!

In a poll of 15 businesses, we have found out another employment number. (Bazinga!) And we finally got a tick up in the participation rate. Yippee! Pundits are falling all over each other saying NOW we have turned the corner for employment.

As usual, we will have our extreme, over-the-top, in-depth, comedic weekend report for you…but for today:

THE BAD GOT WORSE YESTERDAY…THE GOOD PULLED IN. That’s all.

The only possible change from yesterday was the high volume moves off the lows in some down and out gaming names but after that, not much to report. Our overall theme remains a split tape where bull and bear sit side by side. Markets tease the move up one day, the move down the next day. Eventually, it will tip its hand. We are not sweating that the dow,s&p and the nyse now trade below the 50 day…yet. This has happened before. Time will tell.

The other 2 things of note are bonds and financials. Bonds continue to be smoked, including corporates but big financials continue with the relative bid. As short rates stay at zero and long rates move higher, margins expand…thus perception of higher profits. REMEMBER, we believe the biggest bubble in history lies in the bond market. In the stock market, look no further than the biotechs.