Friday, May 3, 2013


I don't have a clue what's going on. This morning's jobs report was good--not great but good--inasmuch as it was well above estimates.  But 165,000 new jobs is going to get us out of this mess and everyone knows it.  Hoverer, the revisions for the past two months were absolutely stunning making one ask one's self. how whether is is possible to believe any of these numbers in light of revisions that are over 100% of the previously reported amount.  In any case the numbers were good and stocks reacted as expected with both the DOW and the S & P closing at all-time record levels.

But here's what I don't get.  The moment the number was announced the futures shot upwards in an almost perpendicular line.  At the very same instant, the DAX did the same thing, so what's going on?  Are German stocks now linked to the American jobs market?  Has global easing created a world-wide equity market that tracts precisely the cross border movements?  I never understood stocks and still don't but this morning was a new one for me.

Another thing.  The number was good for the U.S., no question about that.  So the country's good fortune should be good for the nation's currency, right?  Wrong.  The dollar got absolutely hammered in the morning and whilst there was some improvement as the day went on it closed down against everybody.  That goes contra to everything I was taught and runs counter to logic.  If anybody can tell me why, please call.  I called a couple of guys I still know in the business and got the same response: "Can't talk now, Charlie"...which means they learned from the same guy as did I and were being hammered.

When frustration like this sets in there is only one thing to do; go fishing!  And that is what I intend to do this weekend, heading down to Mexico in everlasting pursuit of the Marlin Azul which Captain Carlos and First Mate Lucho tell me will certainly be found and vanquished.  After 30 years, I might believe them this time but as the saying goes, They Don't Call It Catching.  Pray for gentle winds out of the right quarter.  In blue water when the wind blows sport fishing becomes a full contact sport and I may be too old for that.  See you May 13.  Feliz Cinco de Mayo!  With a bit of luck the world will survive with out me.

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