Two Ways To Play: Help Not Wanted
Strengthen your portfolio in good times and bad.
Monthly jobs numbers were out this morning and they weren't pretty. The Labor Department reported that employers slashed 533,000 jobs in November, while the country's unemployment rate rose to 6.7%. According to Bloomberg, the cut in payroll occurred at its fastest pace in 34 years - and the unemployment rate is now the highest since 1993.
Even more disturbing, however, is the number of workers not counted in the jobless rate on account of their part-time status. That figure surged to 7.32 million, the most since the Labor Department began keeping those records in 1955. Furthermore, the number of discouraged workers -- those who have stopped looking for work -- rose to 608,000. This figure also isn't included in the official report.
For more context on the economy, see DepewTube: When Will the Recession Recede?
From the Bull Pen: Ugly job numbers, but as Professor Bennet Sedacca said today on the Buzz, "We must heed the message of the market and note today's strength." Bulls looking for a tactical upside play can consider VMWare (VMW). One might be able to catch it on a pullback to the $20-$22 range.
From the Bear Cave: A 3% rally in all the major indexes, but AT&T (T) failed to respond. Keep this on the radar and watch the behavior at $30 resistance.
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