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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 | Link to Comment TideFighter
TideFighter's picture

PPT, buckle your seat-belts and order pizza-it might be a loooong day!

Fri, 02/07/2014 - 09:48 | Link to Comment SlipStitchPass
SlipStitchPass's picture

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

Fri, 02/07/2014 - 09:51 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment onewayticket2
onewayticket2's picture

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

Fri, 02/07/2014 - 09:50 | Link to Comment Levadiakos
Levadiakos's picture

Stocks have un-reeled. USDJPY 102.02

 

 

Fri, 02/07/2014 - 09:51 | Link to Comment 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 | Link to Comment onewayticket2
onewayticket2's picture

Kyle Bass predicted 200...

Fri, 02/07/2014 - 09:57 | Link to Comment Levadiakos
Levadiakos's picture

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

Fri, 02/07/2014 - 09:54 | Link to Comment 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 | Link to Comment 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 | Link to Comment LawsofPhysics
LawsofPhysics's picture

So the japanese are committing suicide?

Fri, 02/07/2014 - 10:14 | Link to Comment 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 | Link to Comment Sudden Debt
Sudden Debt's picture

Expectations... everybody has different kinds

Fri, 02/07/2014 - 09:52 | Link to Comment RebelDevil
RebelDevil's picture

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

Fri, 02/07/2014 - 09:46 | Link to Comment jubber
jubber's picture

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

Fri, 02/07/2014 - 09:51 | Link to Comment 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 | Link to Comment 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 | Link to Comment tarsubil
Fri, 02/07/2014 - 09:51 | Link to Comment Sudden Debt
Sudden Debt's picture

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

Fri, 02/07/2014 - 09:53 | Link to Comment 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 | Link to Comment DanTak
DanTak's picture

they will catch the bid

Fri, 02/07/2014 - 09:47 | Link to Comment Temporalist
Temporalist's picture

And gold and silver capped instantly.

Fri, 02/07/2014 - 09:49 | Link to Comment 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 | Link to Comment Sudden Debt
Sudden Debt's picture

1278$ is

Fri, 02/07/2014 - 10:02 | Link to Comment 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 | Link to Comment 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 | Link to Comment Cortez
Cortez's picture

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

Fri, 02/07/2014 - 09:52 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Cortez
Cortez's picture

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

Fri, 02/07/2014 - 10:47 | Link to Comment 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 | Link to Comment Cortez
Cortez's picture

Any of the 113k "quality" jobs?

Fri, 02/07/2014 - 09:53 | Link to Comment mayhem_korner
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114K of the 113K were temp snow-plowing jobs.

Fri, 02/07/2014 - 09:53 | Link to Comment 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 | Link to Comment DanTak
DanTak's picture

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

Fri, 02/07/2014 - 09:49 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

SOP.

Fri, 02/07/2014 - 09:50 | Link to Comment 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 | Link to Comment One And Only
One And Only's picture

ES up 10! HAHAHAHAHA

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

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

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

Fri, 02/07/2014 - 09:50 | Link to Comment 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 | Link to Comment Skin666
Skin666's picture

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

 

LOL

Fri, 02/07/2014 - 10:05 | Link to Comment disabledvet
disabledvet's picture

yeah, i "like" that meme too.

talk about "scaling the cliffs of insanity."

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

When the world goes insane...

Fri, 02/07/2014 - 09:51 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment ms8172
ms8172's picture

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

 

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

HAHAHAHAHAHA

Fri, 02/07/2014 - 09:55 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Australian Economist
Fri, 02/07/2014 - 10:02 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Thank goodness someone is managing this for us.

Fri, 02/07/2014 - 10:11 | Link to Comment 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 | Link to Comment 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 | Link to Comment Loanman26
Loanman26's picture

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

Fri, 02/07/2014 - 10:03 | Link to Comment 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 | Link to Comment 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 | Link to Comment soopy
soopy's picture

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

Fri, 02/07/2014 - 13:23 | Link to Comment Luckhasit
Luckhasit's picture

Damn I was wrong.

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

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