Nobody is believing that 146,000 number on the jobs report. They think it is overstated, or else we would be higher. I think it is understated, because who knows how high it would be if it weren't for Sandy?
But one thing is for certain: The fiscal cliff will make any number irrelevant. The layoffs that the cliff necessitates will make the creation of 100,000 jobs pretty meaningless.
I know that the jobless report doesn't kick in immediately. Nevertheless, it does kick in, and it will be all over the place. Plus, we look to be going over the cliff before the fourth-quarter earnings reports, so the managements will all be asked how many people they have to fire if we stay over the cliff.
It's grim, but not as grim as when you get that paycheck and you find the after-tax number much lower than it was.
Look, when you create an obstacle that is supposed to cause compromise or generate a new bear market, you are going to get a bear market if there is no compromise.
And that makes this job number mean not all that much. So the reaction is a yawn, and then a return to the selling of Apple (AAPL), which, alas, controls the market again.