Friday, October 2, 2009

Friday morning, markets down in premarket trading (CIT)

Up early out West here, attempting to figure out what CIT common shares are worth.

In other news, job losses came in about 30% worse than expected, knocking the S&P futures down about a percent in premarket trading. Employers chopped 263,000 jobs, much worse than the 180k expected. The unemployment rate of 9.8% is the worst since 1983.

AlphaNinja readers should not be surprised, as headline numbers catch up to realities I've highlighted over the last weeks and months. As I posted the other day, the math didn't make sense in this confusing display of confidence among CEO's:

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