In my post last week titled "Know when to hold them, when to walk away", I pontificated that Obama's job speech may disappoint this week.
Obama has not yet delivered his speech, and he still may give a huge surprise resulting in a market upswing as optimism returns to the USA economy.
However, early leaks are saying the jobs bill will be 300 billion out of an annual 3.5 trillion dollar government budget. The 300 billion will be comprised of tax cuts, as well as jobs programs.
Considering the US GDP is marked at about 14 trillion, US government annual budget is at 3.5 trillion, and less than 50 billion will be in direct jobs programs, I'll make a call on the market reaction Friday after Obama's speech.
It will be a non-event, and may even disappoint.