The United States' economy lost 263,000 jobs last month compared with a loss of 170,000 economists had expected. The unemployment rate ticked up to 9.8% while the underemployment rate hit 17%. The rumblings of a double-dip are likely to turn into shouts as the government stimulus runs dry.
Yesterday's 2.6% loss in equities is leading into a 1.1% gap down after the release of the jobs number. Is 9,917 the high of this fateful rally? With every pull-in bought up rapidly over the last 6 months, it seems the trend may have changed now. Perhaps it's time for consolidation mode after a huge 60% rally off lows. A 10-15% pull-in would be welcomed and healthy.
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