Oil. Liquid Gold or Troublesome Irritant?
Given my generally optimistic stance on things coming into 2012 and what has transpired so far, I have spent more time this week wondering what may go wrong. Given the ongoing impressive trend in US weekly job claims, 2 March US payroll data is shaping up to be even more of a “biggie” than usual. S&P futures are hovering close to 1370, 2-year notes are threatening a break up, and the $/Yen relationship is threatening to finally reverse significantly. If that produces another drop in unemployment, then we might be really off to the races.