So Much For The CNBC Analysis; Oil Up $1.50; Market Up -- Fed Will Not Be Comforted By Jobs Report

CNBC called June's jobs report a "good report."

The market suggests otherwise. The "bubble" remains inflated due to the Fed's action, and will only deflate (slowly or otherwise) when the Fed changes course. The fact that the market is up solidly and oil is up another $1.50, suggests traders know the jobs report is much worse than what CNBC suggested.

When the only job growth is part-time jobs in the bartending and fast-food restaurant business, the "big money" knows this is not good. No matter what CNBC says.

Oil cannot possibly be up $1.50 because of events in Egypt. It's all about the jobs report and the weakening dollar, regardless of what the dollar does today.

So, some specifics for the archives:

• EOG hit a new 52-week high. 
• UNP is up nicely.
• KOG is up.
• OAS is really up nicely.
• BRK is up. 
• The major oil companies are all up.
• PSX -- a refiner -- is down. 
• AAPL continues to disappoint. 
• CHK is up, but SD down. 
• Confusing, CNP and SRE are down.
• MDU is up a bit.

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