On employment day:

up at 820, up 820 to close: 17

up at 820, down 820 to close: 16

down at 820, up 820 to close: 30

down at 820, down 820 to close: 24

(Note: the announcement occurs at 830)

Peter Pinkhasov writes:

With the following, I am very much at risk of misunderstanding the Chair or to expose my ignorance. Yet I think Vic's numbers and my brief research suggest no leakage.

- The pre-release movements do not seem to anticipate the quality of the NFP headline number.

- A case for leaks can be made, if the quality of the NFP headline number is ignored, but then what was leaked? -> The Bond momentum starts during the globex session

- Maybe the leaker uses a sub-component of the report ?

- Potentially no NFP-day drift in equities similar to Fed-days

- (But: N is small)

- (But: I took the numbers by hand - potentially with some errors).

My table:

Victor Niederhoffer explains: 

My numbers suggest that there are leaks but that those who aren't privy to the leaks can't profit from them. The real problem is that so many people get the numbers in advance and that this creates a movement in the correct direction. This is an endemic and terrible problem.





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