Hey, sorry been traveling some and working on something related to the fund. I have been tied up. The debate went okay. Unfortunately it ended up like I thought it would. It degenerated into more of an argument where either side attempts just to snowball the otherside with meaningless data than a true debate but hopefully the students learned something.
The market is back to being without a rudder which generally means moving up with no volume. Slowest day of the year for the NYSE in volume terms. Economic data last week was praised as awesome even though questions should have been asked. It is the psychology of the market at this point. Ignore the bad, praise the good. Retail chain stores were praised and loved but one has to remember that this was compared to February 2009, essentially the worst of the worst. Not only that but the month of February in 2010 saw 3% higher tax refunds as individuals rushed to file tax returns creating a boost in temporary income. It does appear that Americans are starting to not care as much about repairing their balance sheets so maybe a spending revivial is afoot.
Than the payroll number was loved but the snow affect meant that no matter what number was released it was going to be loved. What was really liked was the household survey which showed an increase of 308,000 jobs but this is highly questionable. 198,000 of those jobs were attributed to agriculture and related employment. Are you kidding me? The month we had the horrific snowstorms, during the month when agriculture is at its slowest point in the northern hemisphere the U.S. had the fourth largest increase in agriculture jobs in 25 years?? Cmon. If you adjust for government jobs also than the number would become -89,000.
Doesn't really matter though doesn't. The market is only in up mode. The market probably rests 1120 at some point. If we hold, it is off to new highs.