Loss of 95K Jobs, Unemployment Rate Unchaged at 9.6%

The unemployment rate held steady at 9.6%, despite the net loss of 95,000 jobs in the month of September. The unemployment rate has now topped 9.5% for 14 consecutive months, which makes it the longest stretch since the 1930s.

Of course the market has rallied on the expectation of QE2. We broke the Dow 11,000 barrier this morning, but much like yesterday, have faded back below the line as the S&P can't seem to break above its 1163 resistance.

Volume is non-existent this morning as the last intelligent people still remaining are finally beginning to give up. Its an odd paradox to be bearish right now. For perhaps the first time in history, to be bearish means to hope for an economic recovery that develops organically. I was hoping for a good jobs number this morning, not just for the health of my PA, but for the health of the global economy, the economic security of my fellow countrymen, and the off-hand chance that Bernanke might not decide to destroy the purchasing power of the middle class. To be bullish on the market, you had to hope for the jobs number to be god-awful (which it was) so that we could rally above 11,000 on hopes that the rich get richer and the poor get shafted as the Fed launches round 2 of the currency wars.