The world is ending today or so it seems based on the bearish drop to start proceedings on Wall Street here on Friday September 7th 2007. The reason for the drop is ostensibly the deteriorating economic situation made visible in todays payroll numbers which showed the first loss of jobs in 4 years. Job losses in construction, manufacturing, transportation and government swamped gains in education and health care, leisure and hospitality, and retail. Employment in financial services was flat. Well now we have a good snapshot of the sectors which are expanding and those which are contracting.Keep in mind the last job decline was in August 2003 and the US stock market was coming out of recession and expanding at a phenomenal rate back then.
Gold, Silver and precious metals are going through the roof today along with the Euro. Gold finally seems to be distancing itself from the overall market. A move over $700 and perhaps closer to $800 in the coming months. GLD SLV GDX FXE are all doing brilliant this morning.
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