Yesterday's initial unemployment claims coming in over 350,000 should have scared the market, but easy money over road rational thinking in the short-term.  In defense of the market, one really bad number is not a trend either. 

The massive decline of jobs in the housing sector never showed up in the unemployment figures, any guesses why? Yes, it is true, illegal immigration impacts employment figures, retail sales too.  Given the decline in home starts and completions, someone must been laid off at some point in time, right?  Now, if those jobs in fact did go away, there should have been a corresponding decline in retail sales, its not like you get unemployment if you are illegal, right?  As in any spiral it starts at one nexus, a beginning.  What if our economic measurements are not tuned sufficiently well to pick up the beginning of an event and our Tsunami warning system is just now picking up the ripples of the event? Reality is the only thing left to do is ride it out, or not.

They say there is only a few degrees between any of us, it applies to professions too.  Who would have thought losing all those blue collar construction jobs, many filled by illegal immigrants could cost so many Billionaire Bank CEO's their jobs.  Wall Street, it looks like you are only a few degrees away from Main Street.

Keep your eyes on initial claims, employment statistics.  Jobs, it is all about jobs.