The US released data for Non Farm Payrolls. The economy produced 113,000 jobs for the month of January. The Unemployment rate came in at 6.6%

The results are sending investors into Gold and Treasuries. The Canadian Dollar and the Yen both strengthened significantly this morning.

Estimates were from 150-170,000 for January. The actual was well beneath estimates. We are not sure if we are in the news cycle of bad news is good news. The markets reacted as expected. Not, as it has in the past, where the Federal Reserve would watch economic data and continue quantitative easing if the economy needed more stimulus, that in the past, would have sent futures higher with not such good news. Today is different.

Update:  The markets at 9AM – S&P futures are trading higher, the Yen reversed to weakening and Gold has settled to being up slightly.