Daily Highlights: 10.1.09

Tyler Durden's picture

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docj's picture

Heh: More Funemployed... (From Yahoo! Finance front page...)

First-time claims for jobless benefits rose more than expected last week, a sign employers are reluctant to hire and the job market remains weak.

That's not news to anyone outside Fraud Street and DC of course.  But it's still fun to watch reality intrude on their parade from time to time.

bruce wayne's picture

Oil supposedly jumped because gasoline stocks were unexpectedly drawn down.

In reality, it jumped when the market came off the lows as the dollar got spanked hard and I think a bit of short covering combined with the normal gestations of the herd caused it to run.  Dollar is up overnight and oil is beginning to retrace the fundamentals based decline we saw all last week.



Gilgamesh's picture

Bruce has it right; I don't have the timestamps, but it appeared that once the markets really tanked on the 'official' PMI release - the dollar was in turn tanked hard out of the blue and oil/gold/silver immediately saw what was going on and spiked big time.  I believe Silver went from in the red to +3% in a very short time, right after horrible PMI; go figure.  Still have to make money while fighting the Fed.