We mentioned this chart yesterday before the big jobs report, and now it’s even more ominous.
Photo: Deutsche Bank
In both early 2010 and 2011, we had a a few big positive numbers fairly early in the year, only to be followed up by a string of mediocre numbers starting in the spring.
Yesterday’s jobs number could be the start of the same pattern.
In general, this is an obsession for the market, this idea that 2012 will repeat 2011 and 2010. Both years started out great market-wise, only to see deep summer swoons.
The fact that the Euro mess seems to be swirling again (Italian and Spanish bond yields have both risen sharply this year), only heightens that sense of deja-vu people have.