WASHINGTON, June 6, 2013 — This morning’s jobs report came in slightly to the optimistic side. Department of Labor figures indicated that the U.S. added 175,000 jobs in May. The figures, although they’ll inevitably be revised lower next week if past history is any indication, seem to be making traders happy before this morning’s opening, indicating an uptick at the bell for U.S. stocks.
The May unemployment rate actually crept up, though, to 7.6 percent. The real unemployment rate, of course, the one that’s not reported, still hovers around 15 percent.
We’d look for at least a short-term bounce today, perhaps persisting through Tuesday, as the market has been extremely oversold. Even utilities and REITs, which have been vastly destroyed lately, may show their remaining holders some love.
We’re going to keep this post short today because there’s not much we can recommend, investment-wise. Whipsawing prices are the order of the day, so unless you can stay in front of your computer all day, normal investing is not possible until things settle down.
So let’s take the weekend off and see what Monday brings. Have a good one.
*Cartoon by Branco, via Legal Insurrection.
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