Commentary for December 5, 2008
Friday, December 5th, 2008
Good Morning!
The Labor Department will release the NonFarm Payroll Report for the month of November which, by all accounts, will be dismal. The consensus estimate is for a loss of 350,000 jobs with some economists projecting nearly 500,000 jobs being shed. We would use any substantial sell-off to work down cash. The reaction is based on our belief that the stock market has mostly priced in a severe recession. We see upside potential approximately two to three time the downside risk.
Dennis Fagan
Chris Fagan
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