Maybe Mr. Market is having a spot of irrational exuberance after Friday and Monday.  Why, you might ask…well…because a lot of his enthusiasm is based on Friday’s unemployment numbers and because a large portion of the 163,000 new non-farm jobs reported are temporary  and likely to disappear as quickly as they appeared.

There was a surge in food service and other hospitality positions, which have a propensity to be temporary because many of these jobs come from industries that generally benefit from summer vacation season.

Food and drinking establishments boosted hiring by 29,000, while temp services jobs increased by 14,000, which some see as a good sign.   Education and health care added 38,000 but one can argue that the health care jobs anticipate Obamacare and its future is surely dependent upon the outcome of the elections and therefore certainly not a lock.  And finally, information services jobs related to motion picture and sound studios grew 11,000, presumably related to the billions being spent on said upcoming elections.  Those jobs will likely disappear too.

In the meantime, consumer spending is flat while savings seem to be growing.  I guess not everyone believes in adding more debt to their balance sheets.  Shame on them!

But who cares, the market loves it and that’s all that matters.  Or is it.  Let’s take a look at what the market really is…tomorrow!