The short term top I wrote about in earlier posts evolved to nothing more than just a dip buying opportunity and it looks like we are going to stay range bound unless we have some surprise news. The economic data from the last week was boring, nothing interesting even a bit, and nothing that would change my views. Only piece of data that occupied my mind (for few second at least) was unemployment report. Non farm payrolls for August came at -216k vs -230k consensus and -276k in July (as usual revised downwards from -247k). Unemployment rate hit 9.7% vs. 9.5% consensus. Obviously the pace of job losses has slowed down, but with such high unemployment the recovery is not just around the corner. Off course, media can find optimism in the worst piece of data. According to Bloomberg this is positive for company earnings. Yeah, sure…. Bloomberg link: U.S. Recovery Leaving Workers Jobless May Spur Company Profits

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