Jobs Report Jolts Us Back to Reality

Horrible jobs number, no two ways about it. Just horrible. Totally inconsistent with what's been going on away from it and totally consistent with the idea that we need a second stimulus plan and we need it now.

Plus today we are trapped in a world where there is no rejoicing over the fact that gasoline crested before $3, and instead we see that oil is coming back down hard to more realistic levels.

The jarring nature seems almost ludicrous, considering what's been on the run -- minerals, steels -- vs. what hasn't been: drugs and foods, ex earnings surprises.

Of course the conventional wisdom kicks in quick and says it is all over for everything. I continue to believe that the recovery will be a slow one featuring stabilization of housing, then stabilization of commercial real estate, with slow job growth, particularly related to autos, and today is consistent with that. You will not get house price appreciation until jobs are being created.

It's hard to maneuver on these vicious down days. We did some selling in the last few days for Action Alerts PLUS, but as is often the case, what we want to buy with that money is still way too high.

Sidelines, until the worries get thicker. Last week I penned a piece saying we needed more bears, badly.

My wish is being granted as I write.

Random musings: This day is totally consistent with the excellent piece that Doug Kass highlighted by Bill Gross at Pimco. Great article -- thanks, Doug!

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Know What You Own: In Thursday's trading, the most active stocks include Bank of America (BAC - commentary - Trade Now), the S&P Depositary Receipts (SPY - commentary - Trade Now), the Financial Bear 3X (FAZ - commentary - Trade Now), PowerShares QQQ (QQQQ - commentary - Trade Now), the Financial Bull 3X (FAS - commentary - Trade Now), Ford (F - commentary - Trade Now) and Citigroup (C - commentary - Trade Now).

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