Wow, shocker! Jobs data on Friday got literally “everyone” by surprise, i.e., Payrolls increased only 235 k versus the 732.5 k median estimate. Gold was up, dollar down on that huge miss stocks were struggling to find a direction out of the data. It came to our mind, perhaps now the bad news is really bad? But guess what, the U.S. heavy tech index, after losing about 1 in less than 20 minutes, reversed its loss and ended the week in positive territory That was when we remembered the 1 hit for Ben Selvin’s Novelty Orchestra in 1919, “I am Forever Blowing Bubbles” Perhaps the song should be the anthem of the current financial market…!
