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The ADP Jobs Report is Worse than Even *I* Thought it Would Be

The report just came out with a tad over 200,000 net job losses, while I (and a lot of other people) were looking for something with a 1-handle (or perhaps even losses of under 100,000). At first read, the report does seem to substantiate part of my theory from the other day in that many large companies-- their revenue having stabilized at the current crappy levels-- seem to be waiting to see "what happens next" before laying off more people. However, "many companies" is not "all companies", as we saw in yesterday's news about big layoffs at Johnson & Johnson, and according to ADP, smaller companies are still firing people. (And, of course, while corporate execs "wait to see what happens next" they don't do a heck of a lot of actual HIRING, either.) As an aside, if merger activity continues to pick up, we'll see even MORE job losses, a la the Stanley-Black & Decker combination, which is anticipated to result in several thousand firings. But meanwhile, I'm certainly losing money on my newly-enlarged SKF position, and will stop it out (and try again from a higher price) if the underlying index (the DJUSFN) manages to close above its 50-day EMA on decent volume at some point this week.