Thanks for coming in to check in this morning my teeming millions. If you’re like the rest of America right now you are crying, but there’s no sound. That’s the US Jobs report in a nutshell. We only saw 113K in Non Farm Payrolls and a pretty weak revision to the already weak Dec number (75K v 74K). The cray thing about this whole dilemma is that the Unemployment rate dropped again to 6.6%. I guess ObamaCare is working as planned, more people are so happy they are getting cheap (free) insurance, they are just giving up on work altogether. Yeah, that’s a good plan to return America to one of the hardest working countries in the world.
So far CL is holding it’s own and I think it’s more in a state of shock than anything. We think that the big money funds and banks are all trying to play the fixed income markets and wondering if we see another poor showing in February if Yellen hits the brakes on QE tapering at her first FOMC meeting in March. It’s a tough call because this is all that “shadow unemployment” that so many are talking up. Rate is headed lower, but so are the people looking for work. That in turn is going to weigh on our beloved gasoline first and foremost. We can’t see higher gas demand if nobody is driving to and from work. Trust me, the drive to my computer from my bed is one of the most fuel efficient drives of my day.