Hussman on the employment numbers

John Hussman has a very interesting note on the impulse-response characteristics of the job creation numbers in the U.S. in his weekly market comment today. Relative to the job creation we would expect as a response to the job losses so far in this cycle

the past three employment reports have not simply been bad — they have been among the worst job creation shortfalls on record.

Asset allocation for September

During August the S&P, bounced up and down around its 10-month moving average, finally ending the month below. So out it goes one more time. No changes in the other asset classes. U.S. Treasuries are continuing strong.

Here are September's allocations:

• US Treasuries (10 year): 20%
• REITs: 20%
• Cash: 60%