The unemployment numbers came out today, and they were worse than even the worst of the bears expected. Here are some reactions (from the Wall St. Journal):
The official unemployment rate is now 6.7%, but even the government now acknowledges that that does not take into account discouraged workers.
Not surprisingly, the market doesn't like it. The SPX took a drop right at the open and has been in virtual freefall since, with no sign of a bottom yet. True to form, the Russell 2000, which was relatively strong yesterday, is weak today. Among the sectors, the least battered are the defensive XLP and XLV, XLF is trailing a bit, XLB and XLE getting hammered. XLY, which was the leader yesterday, is among those getting crushed today.
I mentioned HURC being scheduled to report today, but there is no news on it. There is not a hint of a breakout or even a new high yet this morning. I will be keeping an eye out and will post anything as soon as I see it.