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Originally posted by sgtclub
I thought the question is whether the 59,000 new jobs is good or bad news. And so on.
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Never mind. I no longer care about this. You are right.
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Conventional wisdom was that the numbers would be about 90,000 jobs better today and this would push the market above 10,000. Once that seal is broken, whether rationale or not, many watchers believe that we would see substantial market gains.
You are right that the movement of the market in any given day is fairly insignificant. But the movement of the market as a whole is hugely significant for the reasons I previously discussed (i.e., cheap money).
Anotyher related point, the market does not react retrospectively. It reacts prospectively (6-12 months) and often times has self fulfilling prophesies. So if the numbers were better today and we broke 10,000, and 2 months from now we were at 10,500, most would agree that this would have a snowball effect for job creation.
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Your theories about the snowball effect involved here are interesting. Very interesting. If I hacked the government computers and released phony numbers, causing the market to drop today, when it otherwise would have reached 10,000, breaking that seal, could lots of people sue me for the vast economic damage I caused?
Also, I have a pal with similar theories who is selling some products you might be interested in. He'll be giving you a call.
