Out the window today in New England were some robins. You generally wouldn't see them this far north until later in March. But there they were and must be confused. Stock markets appear confused as well by what should be a good employment report. But there's some seasonality to the 200,000 new jobs added and lower 8.5% unemployment rate. New jobs are always added during the holidays. Morgan Stanley stated that perhaps 50,000 of these new jobs were exclusively due to holiday staffing needs. If so, we'll see worse numbers in reports in the coming weeks with Jobless Claims and February's data.
Stocks were lower overall even as tech continued as a safe haven led by the usual suspects like Apple (NASDAQ:AAPL) but also biotech's (IBB and XBI).
Meanwhile the eurozone continues to weigh on U.S. markets. The euro was weaker once again at €127.2 which affected gold slightly to the downside. Remember, the previous trend has been a weak dollar and strong U.S. stocks. The relationship makes for better exports and higher earnings for multinationals like McDonalds (NYSE:MCD). Bonds were stronger once again, oil and commodities overall were mixed.