crazy market action today

What a day! The November jobs report showed the economy added 132,000 nonfarm positions. That was above the 100,000 expected by economists, according to Bloomberg. Unemployment ticked up a bit to 4.5% from 4.4%, but average hourly earnings (on a year-over-year basis) jumped 4.1%. That tied September for the biggest increase since March 2001 and seemed to indicate renewed wage pressures.

Treasuries initially sold off on the news. The dollar rallied. Then everything reversed, with Treasuries rallying and the dollar selling off. Then CNBC aired an interview with Treasury Secretary Hank Paulson, who reiterated his support for a strong dollar and said "I feel very good about the strength of our economy right now." The result? We switched directions again.

Somebody pass the Maalox!