How Could We Be This Wrong?
The jobs report came out Friday morning and all the analysts on CNBC and elsewhere were stunned. Most were expecting jobs growth of 160,000 for May. Instead we got 38,000!!!
And March and April were revised down also. As Jim Cramer said on CNBC, ‘we track all this data, how could we be this wrong?’ I think that pretty much sums it up.
Then all the financial stocks got whacked. The dollar dropped. Gold, Yen and long-term bonds popped to the upside. The stock market really took a hit the first hour but clawed its way back, still down on the day.
The video below is an abbreviated version of what I provide my Insider Members. In today’s video, in addition to the market I look at 3 financial stocks…Bank of America (BAC), Citigroup (C) and JPMorgan Chase (JPM).