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Dismal Jobs Report Sends Stocks Reeling

Tyler Durden's picture




 

UPDATE: Stocks have bounced on USDJPY's jump back to 102 (as we warned) but Treasuries are not playing along

 

Bonds are surging and gold is well bid as the jobs report had little to offer the hopeful. The anti-goldilocks number slammed bonds with the 10Y Yield to unchanged on the week (down around 8bps on the kneejerk), gold is testing $1270 as JPY strength provides ammunition for derisking in the equity markets. S&P futures spiked 11 points higher on the release as algos went wild, then fell over 20 points from that high and are bouncing back modestly now. Of course, we are still 45 minutes from the US open so expect USDJPY to be levered back to 102 and lift stocks to make retail believe everything is fine...

 

 

and Spot The Difference...

 

Charts: Bloomberg

 

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Fri, 02/07/2014 - 09:46 | 4411267 TideFighter
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PPT, buckle your seat-belts and order pizza-it might be a loooong day!

Fri, 02/07/2014 - 09:48 | 4411282 SlipStitchPass
SlipStitchPass's picture

Loing day watching them walk gold back down....must not break $1270.00

Fri, 02/07/2014 - 09:51 | 4411294 onewayticket2
onewayticket2's picture

isnt central planning great??   they really seem to have a handle on it all....

 

/s

Fri, 02/07/2014 - 09:53 | 4411320 Headbanger
Headbanger's picture

Agree!  I don't think the Central Planners could have fucked things up more if they tried!

Fri, 02/07/2014 - 09:57 | 4411340 SoilMyselfRotten
SoilMyselfRotten's picture

And there they go, nice gap down in gold...so how many contracts just dumped on the market?

Fri, 02/07/2014 - 09:54 | 4411339 tarsubil
tarsubil's picture

Like the Ukraine thing. All they need are some paid trolls to go out and shout down the dissenters and - boom! - problem solved.

Fri, 02/07/2014 - 10:05 | 4411404 onewayticket2
onewayticket2's picture

Let's leave MSNBC, CNN, NBC, CBS, ABC, and other out of this....

Fri, 02/07/2014 - 09:50 | 4411307 Levadiakos
Levadiakos's picture

Stocks have un-reeled. USDJPY 102.02

 

 

Fri, 02/07/2014 - 09:51 | 4411318 LawsofPhysics
LawsofPhysics's picture

I would love to see the USDJPY go to 300...

Hey Abe, jump you fucker!!!

Fri, 02/07/2014 - 10:13 | 4411428 onewayticket2
onewayticket2's picture

Kyle Bass predicted 200...

Fri, 02/07/2014 - 09:57 | 4411354 Levadiakos
Levadiakos's picture

I will fade the rally. Mark Zandi is a carnival barker

Fri, 02/07/2014 - 09:54 | 4411336 Stoploss
Stoploss's picture

Job's report sends USDJPY up of course because the "winter" is toooooo cold.

Looks like winter needs to be banned..

Fri, 02/07/2014 - 10:00 | 4411355 BandGap
BandGap's picture


From FOREX

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.85 (23.6% Fib ret.), 100.75 (Feb 2 low)
  • Resistance: 102.27 (horizontal pivot), 102.53 (38.2% Fib ret.)

The US Dollar turned higher anew against the Japanese Yen, breaking above the 23.6% Fibonacci expansion at 101.85 to expose a support-turned-resistance shelf at 102.27. A further beyond this boundary targets the 38.2% level at 102.53. Alternatively, a reversal back below 101.85 on a daily closing basis exposes the February 4 low at 100.75.

Close proximity of near-term up- and downside technical barriers argues against taking a trade at the moment from a risk/reward perspective. Furthermore, The Yen remains highly sensitive to churn in risk appetite trends, making the currency’s crosses vulnerable to sharp volatility as the upcoming US Employment report comes across the wires. We will opt to stay aside for now.

Fri, 02/07/2014 - 10:06 | 4411393 LawsofPhysics
LawsofPhysics's picture

So the japanese are committing suicide?

Fri, 02/07/2014 - 10:14 | 4411439 The Dunce
The Dunce's picture

Looks like I'll be spending next Christmas at the food bank.  Bitches.

Fri, 02/07/2014 - 09:46 | 4411268 Sudden Debt
Sudden Debt's picture

Expectations... everybody has different kinds

Fri, 02/07/2014 - 09:52 | 4411308 RebelDevil
RebelDevil's picture

Hey, just remember the USDJPY is the tail that wags the dog. - woof woof!

Fri, 02/07/2014 - 09:46 | 4411270 jubber
jubber's picture

er......that was 10 minutes ago now nearly all back positive

Fri, 02/07/2014 - 09:51 | 4411288 jtz5
jtz5's picture

Yep...back to pre-announcement levels, S&P +6.5.  What a joke.  It really amazes me that anyone can think these are real markets.  What a bunch of friggin' morons.

Fri, 02/07/2014 - 09:55 | 4411331 RebelDevil
RebelDevil's picture

oh, they're real alright. ... just disconnected from reality and living a life of their own.

Fri, 02/07/2014 - 09:58 | 4411349 tarsubil
Fri, 02/07/2014 - 09:51 | 4411290 Sudden Debt
Sudden Debt's picture

"tapper" will soon stop now so why not rally 20%?

Fri, 02/07/2014 - 09:53 | 4411327 machineh
machineh's picture

Less than 15% rally will get us to Janet's 'S&P 2K by springtime' target.

Pass it on ... we need some 'positive expectations' here ... for the greater good.

Fri, 02/07/2014 - 09:48 | 4411271 DanTak
DanTak's picture

they will catch the bid

Fri, 02/07/2014 - 09:47 | 4411272 Temporalist
Temporalist's picture

And gold and silver capped instantly.

Fri, 02/07/2014 - 09:49 | 4411274 Charles Nelson ...
Charles Nelson Reilly's picture

$1270 seems to be a pretty significant line in the sand for gold

Fri, 02/07/2014 - 09:51 | 4411301 Sudden Debt
Sudden Debt's picture

1278$ is

Fri, 02/07/2014 - 10:02 | 4411372 disabledvet
disabledvet's picture

that's for the Bankers.

They need that price of gold...well, obviously they need it at 3,000 an ounce actually.

If that price breaks "many others will follow."

Fri, 02/07/2014 - 09:50 | 4411276 TruthInSunshine
TruthInSunshine's picture

Stock "market" indexes will close green on the day.

Blame for the bad jobs print will be unequivocally placed on "the weather."

Fed FOMC doves will be out in full force, speaking of and hinting at possibility "un-taper."

Embrace the fraud.

Fri, 02/07/2014 - 09:50 | 4411304 Cortez
Cortez's picture

I wonder if there will be talk of a taper "pause"?

Fri, 02/07/2014 - 09:52 | 4411326 mayhem_korner
mayhem_korner's picture

 

 

10-Yr down ~50bp.  No need to pause taper when the "market" will do it for ya.  It's the "Silent Yellen" strategy...

Fri, 02/07/2014 - 09:50 | 4411312 LawsofPhysics
LawsofPhysics's picture

"Embrace the fraud." - LOL, did you work for Nixon?   Yes, "it's the weather", as in whether or not anyone in the financial sector is going to actually go to prison.  We better ask John Corzine and Hank "Tanks in the streets" Paulson what they think.

Fri, 02/07/2014 - 09:50 | 4411277 Dr. Engali
Dr. Engali's picture

The worst possible outcome for the 'markets'. No job growth and the official unemployment rate (as bogus as it is) closer to that magical 6.5% cut off point.

Fri, 02/07/2014 - 09:49 | 4411286 Cortez
Cortez's picture

The Fed will move the goalposts on the magical cut off point.

Fri, 02/07/2014 - 10:47 | 4411557 SoilMyselfRotten
SoilMyselfRotten's picture

The Fed will move the goalposts on the magical cut off point.

Let me fix that for you:

The Fed will REmove the goalposts on the magical cut off point.

There, fixed.

Fri, 02/07/2014 - 09:47 | 4411280 Cortez
Cortez's picture

Any of the 113k "quality" jobs?

Fri, 02/07/2014 - 09:53 | 4411330 mayhem_korner
mayhem_korner's picture

 

 

114K of the 113K were temp snow-plowing jobs.

Fri, 02/07/2014 - 09:53 | 4411332 dontgoforit
dontgoforit's picture

Policy for numbers reporting should have a caveat:  less than 40 hrs/wk but more than 20 hours should be classified, "negatively employed," meaning just enough to keep under the obamacare breakthrough level so the subsidies and food stamps are still availalbe.

Fri, 02/07/2014 - 09:50 | 4411281 DanTak
DanTak's picture

it was cool to see that gold was pushed down before the #s.

Fri, 02/07/2014 - 09:49 | 4411295 GetZeeGold
GetZeeGold's picture

 

 

SOP.

Fri, 02/07/2014 - 09:50 | 4411289 sbenard
sbenard's picture

Wall St will see this news as assurance that the Fed will END the taper. They'll expect the Fed to end the taper now. Don't be surprised if stocks RALLY on this news. What a twisted world it has become!

Who needs jobs? Who needs an economy? Who even needs reality any more? We have PRINTED prosperity now!

Fri, 02/07/2014 - 09:52 | 4411298 One And Only
One And Only's picture

ES up 10! HAHAHAHAHA

Fri, 02/07/2014 - 09:51 | 4411300 The Axe
The Axe's picture

stocks moving up.....weak strong    up is the action.......

Fri, 02/07/2014 - 09:50 | 4411302 CheapBastard
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"The trend is your friend."

Fri, 02/07/2014 - 09:50 | 4411305 Sufiy
Sufiy's picture


Huge Miss In Jobs Report: +113k Only - Sends Gold Sharply Higher 

Now let's listen to all excuses and polish the #taperpause on TWTR. Gold needs to close above $1270 to start the mother of short squeeze. Is this number bad enough to be "good" again to levitate the markets or we can move close to Thomas Demark 60% plunge of S&P 500? After everything what FED has done to 'save the economy" we can hardly see this as happening, expect the life support to be plugged in again.

 

http://sufiy.blogspot.co.uk/2014/02/huge-miss-in-jobs-report-113k-only.h...

Fri, 02/07/2014 - 09:52 | 4411306 Skin666
Skin666's picture

Tyler(s), are you trying to say it's all about the USDJPY?

 

LOL

Fri, 02/07/2014 - 10:05 | 4411385 disabledvet
disabledvet's picture

yeah, i "like" that meme too.

talk about "scaling the cliffs of insanity."

Fri, 02/07/2014 - 10:13 | 4411434 therearetoomany...
therearetoomanyidiots's picture

When the world goes insane...

Fri, 02/07/2014 - 09:51 | 4411316 agent default
agent default's picture

Gold crashed then spiked now going down fast again.  No manipulation here, honest.

Fri, 02/07/2014 - 09:55 | 4411335 Charles Nelson ...
Charles Nelson Reilly's picture

It's really not surprising. At what point tho, do these morons who manage trillions look at it and say "something ain't right here"

Fri, 02/07/2014 - 09:59 | 4411361 agent default
agent default's picture

If you manage trillions are part of the system.  Even if you are not, you are certain to have a few skeletons in your closet too, so you will play along.  Either that or get investigated by the CFTC and raided by the FBI.

Fri, 02/07/2014 - 09:52 | 4411322 ms8172
ms8172's picture

Why are the S&P futures up?????

 

Fri, 02/07/2014 - 09:53 | 4411329 One And Only
One And Only's picture

HAHAHAHAHAHA

Fri, 02/07/2014 - 09:55 | 4411345 Charles Nelson ...
Charles Nelson Reilly's picture

Seriously.... If you can't just laugh at all of this, there is a 90% chance you'll go insane of have a heart attack.

Fri, 02/07/2014 - 09:56 | 4411337 the not so migh...
the not so mighty maximiza's picture

Because its a recovery damm it!! whats wrong with you??? do you have faulty programming or something

Fri, 02/07/2014 - 09:56 | 4411350 Ungaro
Ungaro's picture

Moar QE, less taper or untaper. At this rate, by year's end only the banksters will have jobs.

Fri, 02/07/2014 - 09:56 | 4411338 ChrisDG74
ChrisDG74's picture

Already on the way back up. Bad jobs number = cancellation of taper? Will the Magic Munchkin/head of the Lollipop Guild put the taper on hold?

Fri, 02/07/2014 - 09:57 | 4411346 Eahudimac
Eahudimac's picture

Odds are 2:1 that the S&P ends today up 20 points higher than yesterday's close. Because of the weather. 

Fri, 02/07/2014 - 10:11 | 4411352 thismarketisrigged
thismarketisrigged's picture

holy fucking shit, what a fucking surprise,the futures are now at there highs for the fucking day.

 

european markets which had gone red the second the jobs report hit, are now at daily highs.

 

u.s futures which dropped sharply when the data hit are now at morning highs.

 

this shit is so fucking absurd, i know i, and many other sounds like a fucking broken record, but seriously wtf is this shit.

 

when was the last fucking time the u.s markets were down sharply on a bad jobs report?

 

there are always fucking excuses, its sickening. 

 

the best we can hope for is to expose this fucking fraud to as many humans as possible so then maybe it fucking stops, but this is as fucked up as it gets.

 

nothing positive from the jobs report, no revisions upwards for decembers number ( unless u consider up 1000 to 75000 from 74000 a fucking revision, which i am sure some jackasses will say is a positive in the msm)

 

i am sickened by this garbage

Fri, 02/07/2014 - 09:58 | 4411357 Australian Economist
Fri, 02/07/2014 - 10:02 | 4411379 GetZeeGold
GetZeeGold's picture

 

 

Thank goodness someone is managing this for us.

Fri, 02/07/2014 - 10:11 | 4411405 Mi Naem
Mi Naem's picture

See that green spike at about 8:30?  Almost straight up and down? 

That's Jamie Dimon's middle finger. 

Fri, 02/07/2014 - 10:01 | 4411359 madbraz
madbraz's picture

If the FED is so hell bent on manipulating the market to bring more "wealth" to their friends, why don't they just take the whole market private and pay a 10% dividend on it - isn't this what they want anyway, guaranteed 10%+ for all the rich forever?

Fri, 02/07/2014 - 10:01 | 4411368 Loanman26
Loanman26's picture

It appears the BLS no longer counts blow jobs in their official release

Fri, 02/07/2014 - 10:03 | 4411386 Mi Naem
Mi Naem's picture

It was the whether. 

That is, it was going down whether there was snow and ice or not. 

Fri, 02/07/2014 - 10:10 | 4411416 gwar5
gwar5's picture

Is bad news ungood again post-taper, or is the market still undeciding? This is why I'm out of the market.

 

 

Fri, 02/07/2014 - 10:18 | 4411457 soopy
soopy's picture

I think you should wait a bit before posting headlines with 'reeling' and 'plunging'.

Fri, 02/07/2014 - 13:23 | 4412193 Luckhasit
Luckhasit's picture

Damn I was wrong.

*shakes fist* Damn you chair satan, damn you all to hell!

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