[video] Quick Take: Stocks Shake Off Weak Jobs Report
Bliss said equity markets seem to be back in the cycle where bad news is good news -- meaning poor economic results will force the Federal Reserve to postpone any plans for tapering its bond purchases until March at the earliest.
This is not only evident by the rallying stock market, but also by the decline in the U.S. dollar and falling yield in 10-year Treasuries, Bliss added.
Because of the government shutdown, the September labor report was delayed until Tuesday. For the same reason, the October data will be delayed by approximately one week.
Bliss said that report will still have an impact, but it may be less important because of third-quarter earnings, which haven't been overwhelmingly great.
While companies have continued to grow profits, he noted that top-line growth has been anemic. Bliss also suggested that more investors have been listening to management's longer-term views on both the company and the economy.
-- Written by Bret Kenwell in Petoskey, Mich.