Unemployment UP == Stock Market UP ?!?
I told someone I thought the DJIA would fall below 8000 and hit 7000 at which point I’d buy stocks. It seems that 8000 is a magical number that whenver the DJIA hits it, the market rebounds. I’m betting people have an trigger to buy based on this.
Anyway, massive job cuts: Caterpillar (20,000), Boeing (10,000), Pfizer (8,900), Sprint (8,000), Home Depot(7,000), ING (7,000), IBM (5,000), Texas Instruments (3,500), Corning (3,500), SAP(3,000), Target (1,500).
According to this CNN article, more than 200,000 job cuts have been announced so far this year, according to company reports. Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945.
And jobs in India at IBM went from 6,000 to 80,000.


