In our artificial economy, real things do not matter so much, but politics and perceptions of the public are almost everything.
And so the 'Goldilocks' Jobs Report, which is how the business TV channels described that lukewarm piece of dreck, did little to rally the markets except for fleetingly intraday.
In the first chart below I take a look inside that 'average hourly earnings growth' number.
The headline includes ALL employees, but if you take out the top 15-20% of managers, the average hourly earning growth showed a market downward divergence.
Once again the financiers bowed to their fears of the upcoming presidential election, that something might happen that will upset their status quo.
Not the status quo— theirs.
Gold, therefore, rallied along with the Swiss franc, while the VIX climbed and stocks continued to extend their streak of weakness along with la couleur du monde.
The results the market want to see next week is a decisive win by Hillary, but with a Republican-dominated Congress.
I think the reason that the financiers and their ruling elite would like to see this outcome is fairly obvious.
And the rest of the world, with a shudder, turns to find safe havens from this madness.
Chris Christie's minions were thrown to the wolves over Bridgegate, but the governor is continuing to claim that he knew nothing that his closest aides were doing in a signature act of petty political revenge that harmed the incomes and safety of the public. Anyone who believes that also believes that must be quaffing deeply of Kickapoo Joy Juice.
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