Market Sentiment Watch: All eyes on thoughts of what Yellen will say to congress in the wake of the recent spate of poor economic data and today's payrolls data. In energy land all eyes still focused on hints at an upcoming emergency meeting meant to stabilize prices. We remain on the edge of the skeptics bench with regard to this. It will either happen or not and we have read nothing that suggests a shift in Saudi or UAE comments (ready to hear comments and rejecting a meeting outright respectively). As to natural gas please see the comments in the Commodity Watch section. In today's post please find the natural gas inventory report (slightly short of expectations on mild weather that's, if you scroll down to Chart A, masking what's been a good season to date for withdrawals), comments on MTDR, and other odds and ends.
- Nonfarm Payrolls came in at 151,000 vs 180,000 expected. Last month's 292,000 reading was revised to 262,000,
- Unemployment came in at 4.9% vs 5.0% expected and 5.0% last month,
- Average hourly earnings came in at 0.5% vs 0.3% expected and 0.0% last month,
- Next week we get two days of Yellen testimony.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Natural Gas Inventory Review
- Stuff We Care About Today - MTDR
- Odds & Ends
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