Traders that arrived on the floor an hour before the opening bell were treated to a few pearls of wisdom from Rick Santelli on CNBC regarding the Non-Farm Payroll Report. Diane Swonk (a very respected Chicagoan) predicted a job gain of 130k, Mark Zandi from Moody’s came in at +100k, and Steve Liesman (CNBC Economist) picked a range of +140k to +150k. Rick Santelli called for +55k with a jump to 9.1%. As you know, the number was +54k and 9.1%. Mr Liesman looked stunned.
Find the clip on the internet, as Zandi says the trend is good, Liesman talks about the administration doing the right things, and Santelli telling it the way it is. Diane Swonk said these are not good numbers no matter how you slice them.
VIX is down 0.73 to 17.36, the SPX off 5 points and the DJIA off 55. Last time the DJIA was down 5 weeks in a row was July of 2004.
The Clinic is Closed!