Friday, July 8, 2011

Econodata - NFP

Three letters have changed many player's view on markets this morning. The grandfather of all economic reports US Non-Farm Payrolls (NFP) is out and it is ugly. I will not go into all the details, as they are available on government's website. All components were very weak and going the wrong way. I will just say one thing: we now have two back-to-back ugly NFPs, in economics trend is the key.

With that in mind lets look at markets. Risk off is going to dominate the day. Rally in all risk assets will now be interrupted and pullbacks will occur. TRADER HEAVEN is here. Traders do not care which way it goes - they just want to ride the wave. 

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