If many large companies derive 50% of profits from outside the US why does 100% of todays jobs report drive the entire value of the stock market. The indicator is over hyped and out of context. This is why America keeps losing to foreign interests. The attention is a form of self-absorbed financial narcissism.
As soon as the number is released the media jumps around to contrarian viewpoints. Macro does beat micro. But in this case it’s only 50% of the macro at best. Unless you are a Democrat. Then it’s 110% of political reality.
Disclosure: “George Gutowski” writes from a “caveat emptor perspective” I hold no positions in stocks mentioned in this post. I have no plans to initiate new positions within the next 72 hours.
- ADP Private Jobs Report: Better Than Expect, Futures Slide (blogs.wsj.com)
- Asian shares rise after strong US jobs report (foxnews.com)
- THE JOBS REPORT IS COMING TOMORROW: Here’s What You Need To Know (businessinsider.com)