Dismal Jobs Report -- USA Today -- October 5, 2016

Forget Cuba. The new frontier: Iran.

• WSJ link
• Europeans are way ahead of the US on this one, but the US will catch up

Flashback I: On October 3, 2016, two days ago, writing about the "OPEC cut" I said:

If there are hints that the downtown might be ending (in other words, that the price of oil is going to rise), one can count on Goldman Sachs to try to talk it "down."

Today, lead story over at Yahoo!Finance: "wall of supply" will block oil rally at $55, says Goldman Sachs.

Flashback II: yesterday I mentioned Amazon Prime -- always adding a few more perks for subscribers. Today, it is being reported that Amazon Prime subscribers will have free access to a number of ebooks and e-magazines. Some reports suggest that the list is limited, but, in fact, the list is quite impressive, to include Sports Illustrated (including the annual swimsuit edition), Popular Mechanics and National Geographic Traveler, just to name a few.  "Prime Reading" can be accessed here.

Jobs. Remember the "magic numbers. From USA Today --

The private sector added 154,000 jobs in September, processor ADP said Wednesday, fueling speculation that the government this week will report a second straight month of tepid employment growth.

Economists expected ADP to report 163,000 job gains. They expect the Labor Department’s closely watched survey, out Friday, to tally 174,000 additional jobs in the public and private sectors.

New jobs: 200,000 (< 200,000 new jobs: economic stagnation).

Bankruptcy. No links. Story everywhere. Tex-Mex chain files for Chapter 11.

• Rita's Restaurant, owner of Tex-Mex restaurant chain Don Pablo's Mexican Kitchen files for bankruptcy
• San Antonio-based
• cites downturn in causal-dining business
• cites increased competition from 'fast-casual' Mexican-food brands (like Taco Cabana? LOL)

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Back to the Bakken

Active rigs:

	10/5/2016	10/05/2015	10/05/2014	10/05/2013	10/05/2012
Active Rigs	32	67	190	183	190

RBN Energy: RBN Energy looks at fifteen diversified E & Ps -- CAPEX and production. The companies: Andarko, Bill Barrett, Cimarex Energy, COP, Devon, Encana, Freeport McMoran, Newfield, Noble, QEP, SM Energy, Vanguard Natural Resources, Unit Corp, W&T Offshore, and WPX.

At least five of these companies operate in the Bakken. The WPX is most surprising.

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The Market

The close: up 104 points; WTI at $50.29.

Mid-afternoon: Dow 30 up 126 points. NYSE:

• new highs: 193 -- CNOOC; CAT; CLR (a big whoop); EOG (a huge whoop); Encana;
• new lows: 14

Opening. Dow 30 up 115 points. Apparently the "big boys" took their profits yesterday and are now buying back in. What's WFC doing? Up almost 3% and back near $45. Warren Buffett will sit this one out; he knows how things always blow over.