Bring Out QE3: Philly Fed Plummets: Prints At 3.9 On Expectations Of 20

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Thu, 05/19/2011 - 10:23 | 1291261 Racer
Racer's picture

And don't forget to BTFD on this horrendous news

Thu, 05/19/2011 - 10:27 | 1291303 Fish Gone Bad
Fish Gone Bad's picture

Bad news followed by bad news, followed by bad news.  Eventually the carpet is going to yanked out from under this market.

Thu, 05/19/2011 - 10:32 | 1291316 Harlequin001
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Sounds Bullish...

Thu, 05/19/2011 - 11:00 | 1291468 smlbizman
smlbizman's picture

no housing, no jobs and no is bullish because it can't get any worse...wait this just in.... 

Thu, 05/19/2011 - 12:29 | 1291946 Overflow-admin
Overflow-admin's picture

But the HFT can't read the news...

Thu, 05/19/2011 - 10:45 | 1291398 oklaboy
oklaboy's picture

knockin on ma door, good lovin gone bad.....

Thu, 05/19/2011 - 10:24 | 1291263 the not so migh...
the not so mighty maximiza's picture

Summer of recovery reporting for duty

Thu, 05/19/2011 - 10:31 | 1291310 DogSlime
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Was their prediction based on an assumption that QE3 would have been announced and cemented by now?


Thu, 05/19/2011 - 10:21 | 1291265 Temporalist
Temporalist's picture

Don't forget the housing sales drop of .08%.

Larry Yun still thinks it's a recovery.

""The recovery is very sluggish," said the group's senior economist, Lawrence Yun"

"Sales slipped 0.8 percent month over month to an annual rate of 5.05 million units from a downwardly revised 5.09 million in March, said the National Association of Realtors."

Thu, 05/19/2011 - 10:26 | 1291272 Caviar Emptor
Caviar Emptor's picture

Stimulate me!

Trickle me down!

Thu, 05/19/2011 - 12:16 | 1291876 ThreeTrees
ThreeTrees's picture

Bahaha +1

Thu, 05/19/2011 - 10:23 | 1291277 Hard1
Hard1's picture

See Phyllys - Bitchez!!!

Thu, 05/19/2011 - 10:27 | 1291286 Herne the Hunter
Herne the Hunter's picture

Oh well. Who needs manufacturing when you have services...

Thu, 05/19/2011 - 10:31 | 1291309 Aductor
Aductor's picture

I will link myself into the Matrix and enjoy the ignorance. After all, a 980 P/E-Pisani stock is quite attractive.

Thu, 05/19/2011 - 10:30 | 1291328 Harlequin001
Harlequin001's picture

yep, thought I might sell some of my gold and buy some of that...


Thu, 05/19/2011 - 10:25 | 1291287 Vagabond
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apmex 2011 eagles: 111584

Thu, 05/19/2011 - 10:30 | 1291327 postban
postban's picture


Thu, 05/19/2011 - 11:19 | 1291539 Temporalist
Temporalist's picture

Only 905 tubes available of 2011.

Thu, 05/19/2011 - 10:25 | 1291288 oogs66
oogs66's picture

but LNKD is doing so well, so everything must be good.  please focus only on the good bits of data, ignore all bad data, ignore the games we are playing to avert breaching the debt ceiling and just assume governments will bail everyone out

Thu, 05/19/2011 - 10:28 | 1291292 DOT
DOT's picture

Bake in that QE boys.

No number this time please, maybe call it "QE Gold" !



Thu, 05/19/2011 - 10:26 | 1291297 Temporalist
Temporalist's picture

Michael McKee, Bloomberg's economist, said the Philly number was because of Japan.  I guess people prefer excuses over facts; economist is just another way to say apologist.

Thu, 05/19/2011 - 10:36 | 1291356 SheepDog-One
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But Japan was deemed 'GOOD NEWS" by all eCONomists.

Thu, 05/19/2011 - 18:55 | 1293742 StychoKiller
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Economists == Fortune Tellers (and not very good ones at that!)

Thu, 05/19/2011 - 10:27 | 1291300 Caviar Emptor
Caviar Emptor's picture

The demand for mindless occupations is booming! 

Long mindlessness

Thu, 05/19/2011 - 10:31 | 1291307 Harlequin001
Harlequin001's picture


Thu, 05/19/2011 - 10:30 | 1291308 anti Oligarchy
anti Oligarchy's picture

Should be interesting to see if the market rallies or not on this.

I think the market is realizing that the FED is in a tight corner - more QE is more pain at the pump.  No QE is a market getting hammered.


if you want a conspiracy take on it, then go with adding QE and forgetting about the pain at the pump.  What is the political risk?  Sure, lots of Americans are going to suffer, but who will they vote for?  Funny how Republicans are playing along and not putting any effort into 2012.  Obama will have a free ride despite the suffering. 


They all win again.

Thu, 05/19/2011 - 10:36 | 1291343 FreeNewEnergy
FreeNewEnergy's picture

Obama may run unopposed since the Republicans are all bailing out, though maybe Newt can finally win when they "fix" the results from the non-traceable, easily-hacked touch-screens.

Flip the vote! After all, it really doesn't matter who is president since the world is run by Lords Blankenstein and Dimon Jamie.

Thu, 05/19/2011 - 10:48 | 1291416 Bay of Pigs
Bay of Pigs's picture

Yes, it looks like a Mitt Romney/insert the stooge (Palin, Huckabee) ticket that has no chance to dethrone our foreign born King.

Of course, I'm not betting we even have an election in Nov 2012.

Thu, 05/19/2011 - 10:59 | 1291462 jowenchrist
jowenchrist's picture

We need a black scapegoat - he fits the bill -

Thu, 05/19/2011 - 11:09 | 1291491 reload
reload's picture

Perhaps the Republicans have realised that winning in 2012 would be a poison challace.

Thu, 05/19/2011 - 10:28 | 1291311 stormsailor
stormsailor's picture

yeah, qe3 is a no brainer.  and when the japanese print up a godzilla amount of yen. dollar goes up and we devalue again to raise equities.  euro problems, same.  this could go on for decades.

Thu, 05/19/2011 - 10:34 | 1291351 SheepDog-One
SheepDog-One's picture

Or, only a few more hours.

Thu, 05/19/2011 - 11:25 | 1291571 ElvisDog
ElvisDog's picture

For it to go on for decades, QE would have to maintain its effectiveness at least on some marginal level. I don't think nature really works that way (and I'm calling economics part of nature). Imbalances don't go on forever. The natural state of things is to reach an equilibrium state. I suspect long before we get to "decades" there will be a QE that will have no positive effect whatsoever, and then we'll get a QE that has a negative effect. That is when things will unravel and the world economy will return to a new equilibrium.

Thu, 05/19/2011 - 11:46 | 1291679 Bleeping Fed
Bleeping Fed's picture

You're talking like QE had a positive effect in the first place...

Thu, 05/19/2011 - 12:46 | 1292019 ElvisDog
ElvisDog's picture

I didn't say "positive", I said "effective". I think QE1, QE-lite, and QE-2 have been effective in keeping the ponzi going over the past two years.

Thu, 05/19/2011 - 10:31 | 1291312 FreeNewEnergy
FreeNewEnergy's picture

Market took a little downward pressure on this, despite the LinkedIn IPO. Should last about 10 minutes before the options expiration pump resumes.

This is all very bullish. Timmah told me so.

Thu, 05/19/2011 - 10:29 | 1291314 Bay of Pigs
Bay of Pigs's picture

I'm sure this was all due to bad weather.

Thu, 05/19/2011 - 10:32 | 1291318 cdude
cdude's picture

This is huge! This is monumental! Already playing out in the markets. Caused the S&P to go negative for a whooping 10 minutes. 

Thu, 05/19/2011 - 10:36 | 1291344 Harlequin001
Harlequin001's picture

Nah, that was just a flash crash...

Thu, 05/19/2011 - 11:32 | 1291605 ElvisDog
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But if you look at a 3-month chart of SPY, the S&P 500 has basically gone nowhere over the past 3 months. It would appear that the current level of QE and POMO has lost its market-levitating powers.

Thu, 05/19/2011 - 10:34 | 1291332 lieutenantjohnchard
lieutenantjohnchard's picture

guess it's time for zh's resident genius' to post something along the lines that although the philly fed index is plummeting t-shirt sales are booming.

Thu, 05/19/2011 - 10:32 | 1291333 ABCStore
ABCStore's picture

Sick and tired of the word "unexpectedly" in the news.


Thu, 05/19/2011 - 10:35 | 1291336 deflator
deflator's picture

There is no place left to turn for real economic growth. We have reached "capacity for growth" in real terms. The only thing we can chase debt with is new debt. The obvious solution from a top down economic model is top down debt distribution. Of course it does nothing for bottom up deflation but exacerbate it with top down inflation.

Thu, 05/19/2011 - 10:32 | 1291337 John Law Lives
John Law Lives's picture

Data re. Existing Home Sales, Philly Fed and Leading Indicators was all much worse than expected.  Expected reaction from this FUBAR market:

Stocks should surge on hopes for QE3...

100% Ponzi FUBAR


Thu, 05/19/2011 - 10:36 | 1291339 A_MacLaren
A_MacLaren's picture

Back when Pittsburgh was a ragin' steel town, I can see why the PhillyFed was relevant.

Not being from that part of the country, but assuming there are still headquarters and something of economic importance to the report, can someone help me out to understand the modern relevance?

Thu, 05/19/2011 - 10:57 | 1291456 Temporalist
Temporalist's picture

Cream cheese?

Thu, 05/19/2011 - 11:33 | 1291621 A_MacLaren
A_MacLaren's picture

I was thinking steak sandwiches, but I'll accept cream cheese.

Thu, 05/19/2011 - 10:33 | 1291341 oogs66
oogs66's picture

Greece 10 year bonds traded at 16% today, another record.  EU bailout, QE3, even more Japanese future growth, what's not to like about the market?

Thu, 05/19/2011 - 10:36 | 1291346 SheepDog-One
SheepDog-One's picture

Uh oh! While 'all is well, couldnt be better', the FED monster demands more feeding! Shovel in FRN's fast as you can now boyz!

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