Wednesday, June 02, 2004

In other news..

The markets were flat today as everyone waits to react to the unemployment numbers report on Friday. Traders and Bankers alike are still hung over and sunburned from Memorial day weekend in the Hamptons. No one feels like shaking things up until Friday when the political spin hits non-farm payroll employment findings. Wall-Mart will either be beloved or demonized depending on which political party goes to press first. In the meantime, not unlike today, traders can't wait to grab a pint down at the South Street Seaport with their secretaries. Killing time with beer and secretaries could prove to fall into the dangerous cliche that idle hands are in fact the devil's plaything, but it is a wait and see market. (At least until the FOMC meets later in June to decide the cost of money.) Even with lower oil barrel prices today, most traders and bankers will wait and hedge their bets on Friday.

Also on Friday, watch the OTB on Canal street transform itself into a healthy mix of drunk novice gamblers throwing down high volume cash on their way out to Martha's Vineyard, as Smarty Jones tries to win the Triple Crown at Belmont this weekend. Smarty traveled 100 miles today through three Police State-escorts (Pennsylvania, New Jersey and New York) on his way to Belmont and the Triple Crown.

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