This morning I turned on CNBC and I heard Altman (one of Kerry's Campaign Advisors) talking about how "This president will be the first president to create 0 net jobs" (paraphrase).....The host asked the question..."What could President Bush have done that he didn't do to avert this?".....All we got was a repeat of how this President is poor on jobs....Then Mr. Altman decided to tell the viewers (most of which we can all agree are Business people) that "he is a business man, and he knows that this President is bad for business" (paraphrase). As if to suggest that we all just don't get it and that he is here to tell us. Thanks for the lesson in spin Mr. Altman, but there is a certain part of the populace who don't need the Democrats telling us what we should be looking at.
Here is how I'm trading the jobs situation. It is much better than the government numbers are reflecting. The numbers don't reflect self-employed (of which we have the largest number ever), they don't reflect partnerships (as the ones I run), and they don't reflect the true business hiring climate. Yes. Business is cautious on CapEx (thank you Mr. Altman), however that's just good business. The macro economics of the situation don't reflect the jobs numbers we are getting. More houses sold, better consumer confidence than expected, better personal earnings (but we still suck at saving) all say to me that consumers are making money "somewhere".....Probably somewhere that is not counted by the jobs number.
Markets opening lower, but if yesterday set up what I think it set up, we should see some institutional buying at the end of the day. I'm looking for the NDX to test support. If we break that all bets are off.
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