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Economic News Resume Disappointing Trend As Factory Orders Miss Expectations, Durables Ex-Transportation Revised Lower
The two economic data points from today's docket just came in, and both were worse than expected. First, the durable goods revision, while slightly better at the headline level, printing at 2.1% compared to the 1.9% released initially, saw the far more improtant ex-transportation segment, which strips out that very volatile segment, decline from 0.6% reported initially to just 0.2%. Recall that this number was initially expected to be 0.9%. Thank god for Boeing's infinite(ly flexible) backlog. And second, to fully explain why the bizarro market algo has now taken over and everything is in the green, especially WTI which is about to take out $97 and make a completely shamockery of the IEA, is that May Factory Orders came at 0.8%, missing expectations of 1.0%, with the time shift pushed back, as April data was revised slightly higher to 0.9% from -1.2%. Net net, both data points have failed to validate the reverse decoupling that everyone is betting the farm on.
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We have a very long way to go. The problem has never been addressed.
Great news - QE3 is on the horizon?
We're re-running the time before QE2 was announced.
The amazing thing is that the bad news continues to slip out despite the degree to which the "official" economic news is managed and manipulated.
Is it so bad that they can't cover it up or is there a different agenda going on here.....like needing an excuse for QE infinity.
Goebells and Hitler would be very proud of their Wall St and financial media proteges.
The Allied powers stripped post war Germany of all it's material and intellectual resources even before the war was officially ended. Is it any wonder they also took the propaganda and mind control techniques that turned a medium sized country in Europe into a world power in less than a decade?
Even the data derived from those horrible Nazi medical experiments was eagerly gobbled up by the West. In fact some of the basic information in medical textbooks has its origin obscured so as not to expose the true genesis. Ugly truths are everywhere.
Hitler, could not have done what he did without his jooish bankers. And amazingly enough the bankers today seem to have the same last names as Hitlers bankers. HMMMM makes you think a little.
Ugly truths are everywhere.
Obama and his increasingly chubby family are still in the White House, Chuck Shumer is lecturing us with those librarian reading glasses and DSK is back stalking the hotel lobbys of the world.
I guess I'll go back out in the back yard, pop a can of PBR and re-read H.G. Wells' 'War of the Worlds'..."Yet across the gulf of space intellects vast and cool and unsympathetic regarded this earth with envious eyes and slowly and surely drew their plans against us."
A line from an upcoming article of mine.
til water is gone
Into the shadow with teeth bared
Screaming defiance with the last breath
To spit in Sightblinder’s eye on the Last Day."
— Robert Jordan (The Dragon Reborn)
Around the time of his deportation to Italy, mobster Lucky Luciano granted an interview in which he described a visit to the floor of the New York Stock Exchange. After he visited the floor of the NYSE someone explained to him the role of the floor specialist, he commented, “A terrible thing happened. I realized I’d joined the wrong mob.” http://arlingtonhall.com/i-joined-the-wrong-mob
A reporter who tracked him down in the twilight of his life asked if he would do it all again. "I'd do it legal," Lucky replied. "I learned too late that you need just as good a brain to make a crooked million as an honest million. These days you apply for a license to steal from the public. If I had my time again, I'd make sure I got that license first." http://www.jacanaent.com/Biographies/Pages/LucianoL.htm
I like how he equates stealing with a license making an "honest" million.
Slowly but surely the stream of 'bad' news will continue and then all of a sudden the analcysts start to come around. At which point the utter insanity of QE3 doesn't seem so batshit.
All you need is patience and a willingness to be spoon-fed by the 'experts'.
Propaganda water torture is very effective.
http://en.wikipedia.org/wiki/Chinese_water_torture
Or CD maybe just conditioning everyone in the markets to the belief that certainly QE is coming next, no need to panic and sell...hold stocks and buy more even, 2,400 S&P has been predicted by a 'market bear' so all is well the water is fine jump in! Nevermind those giant dark grey shapes circling around below.
Watch for the usual Spin!
Spin is already spun. Per typical CNBS propaganda directives. If you look at the CNBC article you would think it was a beat. Nowhere in the article I read did they even mention their precious "expectations".
A beat is heralded from the tallest mountain even if week over week it is a decline , because it was "better than expected" even if expectations were dismal and were beat by a penny.
A miss is a begrudging terse quiet event at CNBC. A couple paragraphs of lackluster spin (in this case orders were up) and thats it. You can hear the crickets and the "expectations" are sheepishly ignored because in this case, they were missed.
Also the headline and articles often change during the course of they day, for the same event. I suspect this is in response to market action and the bots.
Wow should be good for +100 on the DOW setup 3 pm ram-it-higher algo.
Article on Chinese economy and future
http://www.forcastglobaleconomy.com/p16/article16.htm
Manufacturing and Factories is soooo 2nd Millenium, this is the 3rd Millenium, the era of Printing Presses for money and iPad applications for goods and services. Its like the replicators in Star Trek, why bother with the hassle of production?
Everything important is in the cloud now. Manufacturing is not of the cloud era.
Bring on the QE to infinity and beyond!
OT, but where do you buy your platinum (physical)? Thanks.
But but but... Blowhorn is already reporting that this .8 rise means that the crisis in Japan is over!
Yay spin.
Much to everyones surprise, there will be no more 'QE', well anyway not in the form paper stock junkies expect of free Hefty bags of crack rocks from Bernank to power more market binging.
Right when everyone is dead certain of what happens next, theyll pull the opposite.
Can you explain why WTI has shifted so quickly on the May Factory Orders coming in at 0.8% instead of 1.0%
Unexpected.
Unprecidented.
Un-recovery.
'Boeings infinte(ly flexible) backlog' LOL nice.
I guess nothing can faze NFLX or LULU today.
Insane runs into Outer Space.
I realize you dont actually own them, but these 100+ P/E shiny baubles youre so fascinated with will one day experience what all bubbles experience, no one to dump to at even half the price.
Laughing so hard I am crying...I mean really really crying...shiney baubles
"QE" has never ended - they just told you it would.
As an aside, wow look at crude oil go! And I thought the conclusion was the SPR sell offs would greatly lower crude oil price and gas?
Well CNBCs favorite bullet point during all declines is the infamous "cash on the sidelines"
presumably just itching to buy stocks.
But couldnt all that cash go somewhere besides NTFX and AMZN? What if hypothetically speaking it went into gasp, commodities such as oil or the unthinkable, PMs?
for your entertainment...even my kids know this song...
http://www.youtube.com/watch?v=vdED3rVgIu4
perfect video for the time....+10000
Market gobbles up all the bad news and shits cherry lifesavers. Dow to 13,000 and 25% unemployment. That's how you build a three eyed one legged toad recovery.
If my memory serves me right, didn't Hitler and the Nazis base most all of their science on British/American Eugenicists? Hitler wrote fan letters to several Eugenicists in the late 20s/Early 30s.
there is a large misconception that the SPR release (requested by an international organization) was meant to help lower crude oil prices. In the first instance without Bernankes (re)flationary QE to fight off global deflation it became necessary to put a floor under asset prices, (just as they did with housing). if you knew that USG and its economic partners were worried about deflation, (which sometimes gets started when bonds default) and they decided to sell their oil (to themselves) in order to keep prices stable, you would not want to be long. and if the Chinese want to use their T bonds to buy oil, and the Arabs get stuck with the worthless paper, there is a certain symmetry to the whole thing. the CIA has already told the Prez that the outcome of the Jasmine Rev means more oil comes to market, often without the collusion of OPEC's rich despotic rulers.$25 oil means global DEFLATION. Obama has already been to Wall Street, hat in hand, now he has to give them something to prove he is worthy of the billion or so he needs to post media ads all over the television, proving how much he loves average Americans. oil and gold will go higher as long the US stock market goes with it. and if you let a key component, like oil, or bonds, or gold, lose value, the whole house of cards can come crashing down. and of course if we don't raise the debt ceiling, because debt has to go up too. they've built themselves a perpetual motion economy, like one of those desk toys. if one ball stops, the whole thing stops. gasoline prices will take care of themselves, the Prez has bigger issues to deal with.
It's all a "soft patch" according to UBS...and like I've said many times, it's not contrarian to be anti-bonds.
It remains our view that the economic soft patch is just that — a soft patch. A supportive policy backdrop, robust earnings cycle and attractive valuations suggest that stocks are still positioned to outperform bonds over the balance of the year. Therefore, as first communicated in a special Investment Strategy Guide Update published on 26 June, we have used the recent weakness in markets to increase our exposure to equities and reduce our cash position to a normal weighting, while at the same time retaining our cautious stance toward bonds.