Jobless rate at 6.5%

The non-farm payrolls number was bad: 240,000 job losses and the unemployment rate up from 6.1% to 6.5% (from last month). Ford lost about $1.50 per share while the analysts expected about $0.90- $1.0 However, we see a jump up in the stock market this morning that I am inclined to say is a "technical correction." I think everyone and their mom had a short trade on the non-farm payrolls, especially after the ADP report that guesstimates the non-farm payroll numbers. Overall, there is no doubt, we are in for a big recession - worldwide. I will be watching to see if the market closes above 960 levels today.... If not, I will continue to assume it is a technical correction and remain convinced about my short view