This page has been archived and commenting is disabled.
Durable Goods Revised To Even Worse October Print
Last week's advance durable goods report, which everyone promptly forgot about because it showed, gasp, bad data, just got even worse. Today, the final revision of the durable goods number was released, showing an even greater drop in durable goods orders. To wit: instead of a -3.3% decline, the final number in durable goods ended up being -3.4%: "New orders for manufactured durable goods in October, down two of the last three months, decreased $6.9 billion or 3.4 percent to $195.7 billion, revised from the previously published 3.3 percent decrease. This followed a 4.9 percent September increase." And as expected the artificial inventory led "bounce" refuses to relent: "Inventories of manufactured durable goods in October, up ten consecutive months, increased $1.5 billion or 0.5 percent to $316.9 billion, revised from the previously published 0.4 percent increase. This followed a 0.7 percent September increase." In other words: fake recovery, based on increasingly more fake numbers, relying on hoarding of unsellable products (just as GM has been doing lately).
Here are the key subindices that caught our attention at the advance release:
- Machinery: -3.9%
- Computers and electronic products: -7.7%
- Defense aircraft and parts: -25.1%
Here is how these have fared post revision:
- Machinery: -3.7%
- Computers and electronic products: -7.9%
- Defense aircraft and parts: -25.1%
Last time around we concluded the following: "There is no economic growth that can be achieved with a plunge across key categories like those above." Today's NFP confirms that (so far) we are right.
»
- 3154 reads
- Printer-friendly version
- Send to friend
- advertisements -
Golden Swan...coming
Cotton +10%
maybe for sofas or parachutes, to make softer the free fall from the cliff.
http://www.finviz.com/futures_charts.ashx?t=METALS&p=m5
This doesn't effect me, as you can clearly see from my profile picture (the flag is polyester).
We don't really do "durable" anymore. Kinda old school, ya know?
Did the computers and machinery include iPhones?!?!? Gasp.
LoL
The only download I could get of the Cablegate file was for an ipad. Now I have to get an ipad to read it.
WOW apparently good enough to blow in +50 more points to the bubble DOW!
NUMBERS DON'T MATTER ANYMORE!!
If today's employment numbers didn't crash the market, nothing will.
It's a good thing polyester is durable, because we will all be wearing it next year.
Cotton to the moon.
http://finviz.com/futures_charts.ashx?t=CT
hehehe.
Golden parachutes¡
"Unexpectedly" worse data
Is there even one MSM outlet out there telling it how it really is? Saying what is really happening?
Nope. As usual, with 911, Iraq, Wikileaks......the Media fails Americans again, and again.
SP 500 heading to 1200. Gold looks to be clear, I guess we will know at 1:30 if so.
JPM lows...38.7@ go baby till 30´s non stop and raise capital now¡
No worries.
Erin "B-Cups" Burnett says buy, buy, buy!!!
"Let'em eat lead."
Erin "Mannish Boy" Burnett
Can't play with the big girl Anchorettes like Cabrera and Bartiromo with lil' ole B-cups...
LOL, I actually love this one...any slam on Erin Burnett gets a +1 from me!
market will ignore it...
When push comes to shove, the defense industry is going to get HAMMERED.
When legislators finally do have to confront their leaky, rickety life boats of a budget, they will choose to slash defense spending rather than entitlements to the elderly, if they wish to be re-elected.
They big time traders (HFTs, prop traders, hedge funds, PDs) are going to keep levitating this market as long as they physically can with help from Helicopter Ben. When everyone has been fleeced and nothing left to rob, then the crash will be forced upon them.
Fundamentally, interest rates are about the risk to reward ratios necessary for free exchange. By extension the Federal Reserve's observable activity is setting interest rates for the borrowing of money. When interest rates arezero other means of reducing risk must be found. Enter the Bernanke Put. First at 10K on the Dow and now 11K. Simply put; guaranteeing returns is the reverse of risk and that is what the FED is doing by trying to keep exchanges at their pre-crash levels.
Negative interest rates are the oppostie of risk; what is now missing is a mechanism for measuring the negative interest rates. I think the simplist method is to divide the DOW and S&P averages by the 2, 5, 10 and 30 year bond returns. Thoughts?
Hey now! Government motors sales are up, up, up thanks to the government scrapping all those worn out models bought in '09 and replacing them with twice as many '10 models. Apparently the government workers that all got a pay freeze in return wil get a new GM car every year from now on.
Woo hoo more misallocation of goods/services. After all, accumulating that much inventory is just a great allocation of them, and it seems the federal reserve is openly encouraging it.
So when the federal reserve is encouraging the misallocation of goods in its last ditch attempts to save the queen's ponzi monetarist system, it's just another sign of an upcoming crash.
Maybe the federeal reserve can call UPS and straighten out their logistics.
(and now in the UPS song) But when Bernanke doesn't know shit, and the economy is going off the edge of the cliff, who needs looogiiissstiiicccsss?
cotton +10%
how ironic.
"Inventories of manufactured durable goods in October, up ten consecutive months, increased $1.5 billion or 0.5 percent to $316.9 billion..."
That's tha ticket, I'm buying foreclosures and starting a storage bidness.
SPY + 10 on all this good news today....rally monkeys get to work!
Obummer's Go To Favorite
Lie by revision...
I must have missed this news on CNBC.