Jobs number changes nothing long term.

Jobs number this morning gives the market a short term relief and might keep us from a catastropic decline this morning. However the internals of the numbers notes that the only reason the core number is down is that 193000 people quit looking for work, just quit trying. 117K in increase comes nowhere near the 250K plus that we need just to break even on new people entering the workforce. Underlying all this is again the concern the jobs number is manipulated for poliical concerns. This morning's number might be just that to keep the markets from further panic. One other note that the numbers for July are adjusted upward for 100000 teachers being out of work due to summers off and that says this number does not tell the whole story. Smart investors this morning will keep on the sidelines. If the market opens higher that will likely be followed by investors selling into the uptrend to get out of more stocks. Traders are still overleveraged.