the most subtly intricate game... - thursday, page-6

The Ozzie Market just fell off its perch. Employment data must be crook.

Telstra opened gap up at 5.16, shot up to 5.22 and then fell. Currently below its opening quote at 5.14. If it continues to hold around these levels, the daily candle is a big pipe-stack. That's bearish. Let's see where it finishes.

'A Westpac report on employment expectations suggests a worsening jobs market. The following this morning from Brisbane Day in Brisbane Times:

'Westpac's unemployment expectations sub-index, which is part of the bank's monthly consumer confidence survey, rose 2.3 per cent this month. This means that the survey's respondents expect the unemployment rate to rise more than it has been.

'This sub-index has been going up since September.

'"Households are clearly nervous about jobs again. Recent press on Holden, SPC, Qantas and now Toyota would not have helped," Westpac senior economist Justin Smirk says

'"In addition, the index trend is 20 per cent higher that it 10-year average. This is consistent with the observation that employment growth is underperforming relative to population growth. As such, the employment-to-population ratio is likely to push lower."'



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