The job market looked grim at the beginning of 2009, but as we crossed into 2010, there seems to be a glimmer of hope. We still aren't seeing jobs added yet, but at least the cuts are headed in the right direction. Last month, according to Challenger, Gray & Christmas, announced layoffs fell 10% to 45,094. This is the lowest level seen since December 2007, exactly two years earlier, when there were only 44,416 job cuts. The most recent tally is also off 10% from November's 50,349, making it the fifth month in a row that layoffs have decreased. Since July, the stat has fallen 14% a month, on average.

Today's weaker than expected job report supposedly contributed to its 250 point drubbing. But the simple reality is that nobody knows why the market went down.

If the market had gone up today, so-called analysts would have been available to explain that the market rose because weak job market results meant that the Fed was more likely to lower interest rates than it otherwise might have been.

After all, some analyst could have argued, the risks of not cutting interest rates -- in the form of a weaker economy -- far outweigh the inflationary risks. In fact, those analysts might argue, a decelerating job market means that there is a bigger risk of deflation. And what better way to counter that risk than to cut rates?

So why didn't the market rally today? Nobody who knows the answer is talking to the media. It's safe to say that the wisdom of those who comment to the press on market movements is worth exactly what you paid for it -- nothing.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.