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IBDvalueinvestin (99.59)

Another Bear Market sucker Rally.

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March 04, 2009 – Comments (5)

How many times are they going to try and sucker us back in? Until we completely lose it all is the answer. Then the real rally will begin when we can't participate because we lost it all in the Bear Market sucker Rallies. 697k lost jobs? We are quickly approaching 3/4 of a million jobs lost per month. at this rate is not hard to see 1 million lost jobs per month. Can you imagine 12 Million jobs lost in just a single year?

 

U.S. private sector cuts 697,000 jobs in February
Wednesday March 4, 8:35 am ET

NEW YORK (Reuters) - U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services on Wednesday that came in worse than economists' expectations.

ADP said private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000.

Economists had expected 610,000 private-sector job cuts in February, according to the median of 23 forecasts in a Reuters poll, which ranged widely from a drop of 730,000 to losses of 500,000.

(Reporting by Burton Frierson; Editing by James Dalgleish)

 

5 Comments – Post Your Own

#1) On March 04, 2009 at 9:39 AM, EggplantWizard (99.66) wrote:

I'd say there's a solid 30% chance that we've seen the real bottom already, so I'm not sure that it's a sucker rally, though it seems more likely than not.

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#2) On March 04, 2009 at 10:05 AM, SteveTheInvestor (< 20) wrote:

There is nothing out there to support any kind of sustainable rally.  The economy is an utter disaster, earnings are dropping and people are scared silly.  Yeah, right..... I want to buy into that.... not. 

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#3) On March 04, 2009 at 10:30 AM, IBDvalueinvestin (99.59) wrote:

I work for a private company in central New Jersey and believe me, the private companies  are in really bad shape. The private sector does make the headlines because they are not public companies.

But its getting so bad that the only work we have in our office now is answering the phone. We already let go all backup staff like secretaries, admin. assistants, fax & copy staff and part-time workers.

We have nothing to do at work now and are scared of being let go ourselves. Its amazing because just 2 months ago we were not feeling the recession and our business was booming. But now business has dropped off a cliff virtually.

I just hope I am not next on the axe. 

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#4) On March 05, 2009 at 9:34 AM, IBDvalueinvestin (99.59) wrote:

Today we will give up all of yesterday's sucker rally gains. Just as I expected. Just another sucker rally.

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#5) On March 06, 2009 at 12:40 PM, IBDvalueinvestin (99.59) wrote:

Obama adminstration has failed in 1st 45 days.

The market is down -20% in his first 45 days.

The unemployment now at -8.2%

The bold moves that were expected from Obama have failed to materialise. Instead we get more of Bush like moves of reacting to the market instead of being proactive.

This is looking more and more like Japan.

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