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                  Trading

                  05 February 2010

                  Nonfarm Payrolls

                  Christian Blaabjerg, Chief Equity Strategist, Saxo Bank

                  Risk got hit hard yesterday as the market turned its attention to the problems in Euroland and more specifically Greece, Spain, and Portugal. The VIX rose and CDS spreads also increased.

                  Certainly, earnings ‘beats’ are no longer getting the attention they were in the previous couple of quarters, and we do not expect this to change in this earnings season, despite the companies actually putting up some respectable numbers on both earnings and revenues.

                  Today Nonfarm Payrolls are released with the added spice that the annual revision will accompany it. Estimates are all over the place ranging from -100K to 100K.

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