Bulls Get An Absolutely Ridiculous Win: Here's What You Need To Know

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Photo: AdamKR on flickr

Just devastating if you’re trying to short this market. Just devastating.But first, the scoreboard:

Dow: +19
NASDAQ: +3.25
S&P 500: +11.51

And now, the top stories:

  • We’re just going to gloss over the situation in Asia and Europe, because really, there wasn’t all that much to talk about, with the exception of the ECB continuing to buy aggressively in the European bond market, bringing yields down.
  • US markets were marginally higher in the very, very early hours of the morning, and then were solidly higher by the time the uber-anticipated jobs report came out at 8:30.
  • Now bear in mind that EVERYONE was getting optimistic about this number. A string of solid data — “beats” if you will — not to mention the surging market, had got everyone giddy. And then… DISASTER. The number came in way worse than expectations, with private sector hiring way lower than expectations. Retail and manufacturing were both shockingly weak, especially considering the other data. Click here for a guide to all of the awful details in the report >
  • The market’s reaction was swift justice: The dollar plummeted. Stocks turned around violently. Bonds surged. Gold surged. The euro surged. Risk off, flight to safety. And yet…
  • And yet… even by 8:55 it was apparent that the reaction was going to be muted.
  • And as the day wore on, the bears continued to lose the plot. We would have declared it a victory for the bulls, even if stocks had ended down marginally, but the green close was quite the shock. Another shock: the initial bond market spike was totally erased.
  • A few other things to note real fast: The Deficit Commission — as expected — failed to get 14 votes to officially ratify its recommendations (but they moved the conversation forward!). Also there’s a big air traffic strike in Spain. Austerity fails again.

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