Publish date:

Instant Analysis of the Jobs Number

Give Cramer a break. The number was weak, and the bears can take it for a spin.
Author:

Higher wages, fewer jobs created? But April was revised up big. Man, the bears could spin this one negatively.

Here's my instant analysis: Give me a break. The jobs number is so weak, don't tell us now what matters is the hourly wage. What a canard.

I am buying the long bond. Right here. Right now. At 90 and change.

They tighten now; it will rally bonds. That's the best game in town.

Yes, I wake up thinking about the number. Yes, I think how it will impact my day, if not my month. Yes, I pause ahead of it. Yes, I have my own private projection: 180,000.

When we have numbers that are so clearly important, like this unemployment number, I can't help it. I can't pretend it doesn't matter.

I can't pretend not to have a "line" on it. As a business athlete, I take numbers like this in a National League championship/NBA semifinals/NFL wild card sort of way.

For example, last night when I got home from work, after dinner and putting the kids to bed, my wife asked me what was on my mind, and I said "the number." She asked why. I said because if it is the "wrong number," then I am worried the

Fed

might do something pre-emptive.

My wife traded professionally for years. She remembers when we would stay glued in the mid-'80s to the

Telerate

for the money supply numbers. She recalls when we were micro-focused on the trade balance figures in '87.

That's why she knew that I wouldn't want to take her call at 8:29 a.m. this morning.

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Days like today make me jealous of the long-termers, the

Lynches

and the

Buffetts

. They don't lose an ounce of sleep over stuff like this, I bet.

But I am not in their world. Frankly, the thing that is most amazing about this new era of Net trading is that so many have chosen to leave the world of the Buffetts to the Lynchs to be in my world. To me, days like today are hell. Why choose hell when you could be in the alternative?

Random musings

:

Blodget

strikes again?

Merrill's

Blodget is knocking the Internet again. He is talking conceptually, but he is just talking. Man, this stuff is so classic. He talks negative, talks negative and then talks even more negatively again. But he stays with his buys. We cannot get a bottom until he rolls over his buys into holds. I have seen this movie before.

He will.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.