Well once again we get 1st time jobless claims that are less than expected–up a few thousand from last week. Additionally ongoing claims continue on a downward path. Yesterday ADP numbers on employment showed a softening in the labor market. Who do you believe–I believe no single report–I need weeks and months worth of data.
Interest rates have backed off nicely from the 4.80’s% and now trading at 4.73%–this jobs report tomorrow is fairly critical to the level the 10 year treasury will trade at tomorrow and into next week—don’t forget we have a ‘holiday’ on Monday–no bond market trading.
Yesterday I had nice bounces in the portfolios–although today I have given back 1/2 of that bounce. So we await the jobs report and see what kind of action we get off of the report.