Non-Farm Payroll data for the Month of December is out

The BLS , Bureau of Labor statistics, released the December 08 unemployment data this morning and they reported a loss of 524,000 jobs in the US.This was less than forecast ( average forecast was 525,000).
But the umemployment rate went up to 7.2% which was not expected ( they have some formula to calculate this so though analysts on avg. were right forecasting number of jobs lost they were not so right on the unemployment %).
Check the bloomberg.com story here.
For the year 2008 the total number of jobs lost were almost 2.59 million, a huge number.
The market futures went up when the number came out at 8:30 am as people expected the number to be much worse.
But then they consolidated the gains and when the markets opened, it took no time for people to start selling and take it down.
Check out this bloomberg.com story for that analysis.
Folks this is no small thing, the economy is getting worse it seems.
I listen to and read quite a few analysts, economist and many seem to be very pessimistic. A contrarian might say thats good but these people are not investors , they are economists and I do not that its a contrarian buy sign.
Remember in contrarian investing/trading , they say the herd is always wrong at the extremes, at tops and bottoms but the trend is always your friend. Right now the trend is down.
Having said this I will post why a Obama transition rally might still take place.