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January Non Manufacturing ISM Prints At 59.4 On Expectations Of 57.2, Prices Paid At 72.1 Highest Since September 2008
The January non-manufacturing ISM came at 59.4, higher than expectations of 57.2, and compared to 57.1 previously. From the report: "The Non-Manufacturing Business Activity Index increased 1.7 percentage
points to 64.6 percent, reflecting growth for the 18th consecutive month
and at a faster rate than in December. The New Orders Index increased
3.5 percentage points to 64.9 percent, and the Employment Index
increased 1.9 percentage points to 54.5 percent, indicating growth in
employment for the fifth consecutive month and at a faster rate. The
Prices Index increased 2.6 percentage points to 72.1 percent, indicating
that prices increased at a faster rate in January. According to the
NMI, 13 non-manufacturing industries reported growth in January.
Respondents' comments are mostly positive about business conditions;
however, they still remain cautious about the sustainability." But why cautiousness- this is after all the 18 consecutive months of growth? Or is someone concerned what happens when Gen Ben closes the floodgates? With the dollar jumping on the results and stocks falling, it goes to show just how irrelevant economic data is for the bizarro stock market. And yes, prices paid jumped from 69.5 to 72.1, the highest since September 2008. Nothing to see here.
From the survey:
- "New initiatives creating increase in spending." (Finance & Insurance)
- "Indications are that business is picking up and that 2011 could
see positive growth across many industries. We are seeing an increase in
orders at the beginning of the year." (Professional, Scientific &
Technical Services) - "Starting to see higher prices in many areas. Low inventory levels
are leading to longer delivery time frames." (Public Administration) - "Business uncertainty seems to be subsiding." (Management of Companies & Support Services)
- "Business activity is picking up. The challenges in the textile
market (cotton/polyester) are significantly impacting price along with
the inability to secure pricing for a period longer than two months."
(Accommodation & Food Services) - "2011 looking better than 2010." (Information)
Hmm, inflation anyone?
And full breakdown:
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corruption reigns
http://washingtonexaminer.com/blogs/beltway-confidential/2011/02/obama-i...
Imeldt is a puto
Marc Faber nailed it. Obama is a whore.
"Prices Paid At 72.1 Highest Since September 2008"
<Deflationist mode on>
The prices will fall very soon, like in 2008 rolf lmaoz credit crunch speculators
</Deflationist mode off>
I see the cartel fuckwads are using it as another chance to whack PM's, I wonder where all that extra POMO will be going.....SHORT PM's by any chance ?
Suits me, whack down the paper price so I can pick up more physical on the cheap....
Hanky, read this:
http://tfmetalsreport.blogspot.com/2011/02/ready-to-roll.html
Or it's another " false start " a monkeyhammer for those buying paper at said bottom, and yes many,many,many paper buyers do so because $1,400 is " out of reach " for every day joe6 to purchase.
Gold daily and weekly charts telling us that its downtrend is not complete yet.
It must go down 90% of downside chance to 1300 then 1280
http://www.fxstreet.com/technical/forex-forecasts/us-dollar-outlook/2011/02/03/
When QE ends (soon) gold will be a a train wreck in a shitstorm.
"When QE ends (soon) gold will be a a train wreck in a shitstorm."
If they turn off the QE taps you wont notice the Trainwreck because of the Thermo nuclear detonation that will be the S&P....
Based on what ???? Did you notice CAT quadrupled earnings, is this driven by pomo only ?
In the case of CAT keep in mind earnings are partially due to easy monetary policy in emerging markets...you don't build large ghost cities in China with shovels and pails.
Cat's on fire in the USA. Huge plans over the next few years. China will slow down a bit but long term a powerhouse.
China to create largest mega city in the world with 42 million people China is planning to create the world's biggest mega city by merging nine cities to create a metropolis twice the size of Wales with a population of 42 million.City planners in south China have laid out an ambitious plan to merge together the nine cities that lie around the Pearl River Delta.
The "Turn The Pearl River Delta Into One" scheme will create a 16,000 sq mile urban area that is 26 times larger geographically than Greater London, or twice the size of Wales.
The new mega-city will cover a large part of China's manufacturing heartland, stretching from Guangzhou to Shenzhen and including Foshan, Dongguan, Zhongshan, Zhuhai, Jiangmen, Huizhou and Zhaoqing. Together, they account for nearly a tenth of the Chinese economy.
Over the next six years, around 150 major infrastructure projects will mesh the transport, energy, water and telecommunications networks of the nine cities together, at a cost of some 2 trillion yuan (£190 billion). An express rail line will also connect the hub with nearby Hong Kong.
http://www.telegraph.co.uk/news/worldnews/asia/china/8278315/China-to-cr...
I am not certain if I agree with a US pickup short of infrastructure overhauls courtesy of more government deficit spending. The emerging markets should be a huge growth space for CAT going forward but who knows how far current momentum will carry.
My buddy told everything CAT produces in China stays in China, Cat India, same thing .....But his shop ( in the USA ) is booming over the last 4-5 months with Cat.
Mining and AG will keep them booming over the next 10-20 years.
Ask your buddy what equpiment/parts his shop produces. Makes a big difference. If he produces engine blocks that are interchangeable with dozens of pieces of equipment that's not a very important indicator. If he is finalling D6's off the line, (which will stay on jobsite for more hours than trackhoes for example) then that might mean something. If he is finalling specialty equipment, like tractors (stripped dozers) for pipelayer conversion that would really mean something as they may stay on the job for DECADES. OOor...
Does he work at a plant that produces undercarriage parts which would indicate refurbishing of used iron?
If you want to use anectdotes, give us some details; don't bullshit a bullshitter.
I think he said hes doing 45 different parts now. Most for the mining equipment. All new metal ( many suppliers are out of said stock ). He makes parts for nuclear (rotor shafts), printing equipment, oil, gas , he does work for Ryerson, Komatzu, GE ect ..... He has about 130 guys, just hired 40 of them back.
Cat has a few plants going on strike this year also.
Parts don't mean new inventory. Not saying he isn't busy, just saying parts can mean used every bit as well as new. And used ain't a good indicator.
The USED heavy equipment market is booming. When construction is booming, you CAN'T GET iron. Not buy it, not rent it, not get it, flat ass period. I've seen used equipment shipped from India and then trucked to the upper Midwest because NOTHING is available. Saying Cat is on fire is like saying GM is on fire because it's producing massive amounts of inventory. Just sayin' what I see on the ground. Course the little guy with his eyes open doesn't know shit.
http://www.rbauction.com/
They are currently sitting on 30,000 pieces of inventory. That's ONE auction company. (albeit pretty much the industry mainstay)
Anybody who knows construction knows how much work can get done with 30K pieces of iron. They also know how hard it is to find rental iron in the peak of the season. Not last year, not now, and it ain't gonna be very hard next season either. When in years past I would have to look states away to find iron when I was jammed up, the last two seasons I could get anything, anytime and from right in my backyard.
I agree that CAT has upside potential overseas, at least from an investment perspective, but don't make the mistake of using them as an indicator of recovery. And believe me, when equipment that isn't paid for sits for too long, it can go onto a slow boat to China so fast it'll make your head spin.
Pick any of the large global businesses that operate out of the USA ( hundreds from KRO to JNJ ect ....). They are all doing better with sales YOY. Everyone.
All the business that happens everyday is not driven by pomo, it's the global economy getting better.
You completely failed to address the heart of my comment. I said nothing about POMO, Bernanke, conspiracies or helicopters, be they black or desert tan. I am stating that there is a surplus of heavy equipment right now. How this bodes for CAT long term I don't know, but it is a fact to be considered if either considering investment or using it as an indicator.
............................"Management indicated that the emerging markets like China will remain strong, but the bigger story is with the prospects of developed countries like the U.S. and Japan," said Eli Lustgarten, an analyst at Longbow Research.
Positive On Growth
Caterpillar spokesman Mike De-Walt said on a Jan. 27 conference call with analysts that "over the past quarter we have become somewhat more positive about economic growth in the developed economies of North America, Europe and Japan."
Caterpillar said it expects U.S. housing starts to reach around 800,000 in 2011, which is above most projections. A rebounding housing market should raise demand for the company's construction equipment.
Meanwhile, rising commodity prices have heightened demand for Caterpillar's mining gear, particularly in emerging markets.
"Their order backlog is the highest since late 2008, and their dealer inventories are considered too low, especially in the rental channel," JPMorgan analyst Ann Duignan noted in a report.
Much of the recent attention has focused on Caterpillar's prospects in China, where the company continues to add capacity to meet demand. It said it will produce 60% more excavators in China this year than in 2010. Annual production in China is expected to rise more than threefold by 2013. "..............................
That's fine Spaulding, I have no beef with you. You can listen to a guy whose job it is to pump his business, or you can listen to a guy who has dirt under his nails saying that there is a big ass surplus of used iron. Biggest differnce is that I don't stand to profit from what I say. Hopefully you listen to both and it helps you to make up your mind. Best of luck to you. Interesting times.
We can agree to disagree but any improvement in economic data points will be trumped by higher input prices thanks to commodities soaring...I see no reason why we will not have some sort of repeat of a 2008 calamity but of course no one knows the severity.
You will see higher prices for sure .....
Well it isnt driven by the pick-up in the housing or jobs markets....
'When QE ends, soon, gold will be a trainwreck'
LMAO youre a full bubble off plumb...they cant turn off QE and if they DID, youd see equities crater instantly! When people see stocks cut off at the knees, people will scramble for gold and silver even more.
Price action remains muted as the metal continues to digest recent losses and gold ETF holdings inch lower. With economic data globally getting stronger, the prospect of central bank tightening becomes closer to reality.
"Price action remains muted as the metal continues to digest recent losses and gold ETF holdings inch lower. With economic data globally getting stronger, the prospect of central bank tightening becomes closer to reality."
Hey look, you managed to combine the words "Reality" and "Price Action" in one sentance...not seen that for a while...
Thanks.
The headwinds for gold/silver are brutal..... Jim " the GodFather " Rogers is out, Nomura, the GDP projections/rail/trucking keep growing, China/India rate hikes looming ect .....
And, and gold is rolling over in many currencies.
http://stockcharts.com/freecharts/candleglance.html?$GOLD:FXE,$GOLD:FXY,$GOLD:FXC,$GOLD:FXS,$GOLD:FXA,$GOLD:FXM,$GOLD:FXB,$GOLD:FXF|D
Well, then short it. What are you waiting for? Or are you all talk?
The drop in gold ETF assets is bearish for gold.
The initial DM central bank tightening will be devastating for precious metals.
More talk from another pussy.
Short gold, if you're so sure.
But you won't, will you?
Just as I expected. More talk.
So are you buying " Turd's Bottom - 1,320 ish "
I'm not shorting , I'm long stocks.
Is this the bottom in gold. Simple yes or no.? Pussy ... Step out, make a fucking call on something. I put all my calls in the comments, stocks ect ..... You just wave pom~pom's like the other 80% of gold bugs ....
My call " this is not the bottom " .....
Oh, right, so you're hardcore enough to tell us all how bad an investment gold is, yet you don't want to put a wager on it yourself.
I've got skin in the game by owning gold, but you are just another run-of-the-mill talk-is-cheap pussy.
Now fuck off, I think I hear your mom calling for you. At least I THINK she is, she sounds kind of garbled.
Nice sidestep ... Another non-answer like most. Keep up with the personal attacks with your sidesteps.
It makes you look like a bigger tool,moron,fool ....
PIN ~ DROP. Go pick up your pom-pom's and run along.
It's not a non-answer. The simple fact is you, and your tribe, come here at ZH constantly threadshitting, telling us how horrible investments gold are, and what great an internet investor YOU are.
So, given that you basically tell us gold is a horrible investment, but refuse to carry out the transaction to this extent, that tells us you are nothing but words.
I don't need to call a bottom. If you think I do, then you don't get the point of owning gold.
So what about the guys playing the miners,etf's,futures do they care about the price ???
More talk, more squirming. Have you shorted gold yet?
Thought so .... Another sidestep.
The miners, etf's, future fucks that purchased in early Dec. are all getting blowtorched.
They followed morons like yourself ... All the " gold to da moon " talk hurt many, many, many traders !!! Book it.
So, let's review.
You talk tough on gold, but don't go through with your own conviction, refusing to short it.
So your words are just that - words. Worthless, cheap, words.
Talk is cheap, and so are you.
How should I short it .... ? I do not trade options .... I said that from the start.
Jim Rogers is off the gold trade is he wrong if he's not short ?
Chinese consumer price inflation moderated to 4.6% in December, down from 5.1% in November. However, anecdotal evidence suggests a much more serious problem, in particular in the largest cities, where actual inflation is running close to 20% according to my sources.
http://www.zerohedge.com/article/niels-jensen-asks-if-plunging-chinese-power-output-indicative-dramatic-economic-slowdown
PRC central bank tightening imminent (likely in concert with the FRB)
Yep, as I thought. All talk.
Why do you waste your time? They are both nothing but drive-by trolls.
Got NVDA ?
If the US doesnt Hyperinflate its debts away then Benny boy better start thinking of ways to pay back that USD 14 Trillion instead of printing 2 Trillion each year of fresh worthless paper....
You cant print Gold Bitchez....
Assuming the electricity stats tell the true story, and that the GDP numbers are ‘for reference only’ (remember, not my words!), China’s economy experienced a dramatic slowdown as 2010 progressed
http://www.zerohedge.com/article/niels-jensen-asks-if-plunging-chinese-power-output-indicative-dramatic-economic-slowdown
This is surely bullish for gold as well as the central bank tightening.
Spaldings all talk, he wishes he could short gold but his mom wont allow him access to her Etrade account.
Sheep, your 2,000 post with nothing of substance, great work. XOXOXO !!!!!!
Did you get a new set of pom's. The old set is looking worn .... Lol'..... 2 - 4 - 6 - 8 .........
Yea right--business activity increases as they tear down MitchCrawfords chrysler plymouth(which was selectively closed by the car czar) and build a Aldi grocery store that will employ one cashier and one stockboy-who cares if 60 folks lost their production value jobs not to mention the other 2-300 that were tied into that dealership. Everything is in the toilet.
This must be what caused stock futures to plunge in the past 20 minutes. Don't worry, the Fed is here! Ignore the bad news and keep the bubble building!
Plunge Protection Team (PPT) should arrive no later that 11:01 am
I just Bought The F#ing Dip! I plan to sell into the close, and then tomorrow is just another Ponzi POMO day! It scares the crap out of me when things get so easy I could train a chimp to do it....
10-yr at 3.52% as I type. Bond vigilantes?
praise alah....er...I mean...I hope so
Yep.
Gold smoked on the news.
At the first hint of a financial market "convulsion", gold is the first asset thrown overboard.
How the miners doing ... ? Charts ?
Did you buy FRG like I suggested? NEM friendly takeover at $14
No ... I liked all your info but most was out of Canada ect ..., my simple TD Ameritrade account does not have global reach ... Lol'. Your fucking rare earth's you gave me, awesome stuff, but I could not purchase ...
Thanks again.
GWG.TO is trading at $1.20 now..... even I am amazed. I sold more than enough shares to cover costs and then some. Gonna let the house money ride now
So rub it in my face .... ;-)
Great stuff.
Naw.. it's just fun when you find something you researched and believed in come through....Remember, I don't day trade, 3 mnths to 1 yr is the time frame
Great work, really. Not many post the info you do. I wish I could take advantage of your hard work....!!!
What does Quint have to say about this action Robo?
"gold is the first asset thrown overboard."
Because it's the most crowded trade since Nortel 2000 (Now NRTLQ $0.06)
Do people even bother to pull up a quote when they write this shit?
Gold is down 0.26% as of now.
Answer: No.
Robo can be very useful at times and other times quite irrelevant...he is a robot after all so don't take it personally.
Robo and Spalding just yap, all their talk about 'gold blowtorched' while its down less than .20 is hillarious.
As Art Cashin of the NYSE floor always says, corrections begin on a Thursday, accelerate on a Friday, gap down on a Monday, and wash out on a Tuesday. The criminal syndicate known as Wall Street would describe this process as "Price Discovery."
However, after months of looting the US Treasury and lying about how great things are in the economy, with the cooperation of the Blow Horn [CNBC] and other MSM sources who have long forgotten the phrase "The 4th Estate", what Average Joe calls this is: systemic fraud or bait and switch or banker arbitrage, or CRIME! We have been living with this for so long now, folk are finally beginning to understand just what it is.
And I say this again, because I do not know what else to do, and since the truth of this sad situation is so painfully obvious...
REAL CAPITAL WILL NOT FORM IN BANKS AS CORRUPT AS THESE!
And so we will never truly heal from this, the greatest financial crime in the history of the world, until the pink slips come, and the head count on Wall Street is radically reduced, and until bonus pools of stock options are drained, and probably 2000-3000 more banks are simply closed at the same time that our mega banks are dismantled. So we can either face the truth or continue to pretend while the freakin' world burns.
I don't know...the choice seems easy to me.
Its getting hot in here.
Where´s Harry?
When is Eric King going to interview the CEO's of these two consumer product companies rocketing up to new highs?
Both are unfazed by:
- Egypt riots
- Currency volatility
- Inflation/deflation debates
- PIIGS country blowups
CHICAGO, (February 3, 2011) – Asian hedge funds attracted $500 million in net new capital in 4Q 2010, with investors favoring strategies offering protection against what many see as an accelerating inflation trend across the region, according to Hedge Fund Research, Inc. (HFR). Inclusive of performance gains, assets invested in Asia-focused hedge funds increased by $4.4 billion during the quarter, to $83.4 billion, the biggest increase since 3Q 2009. For the full year 2010, assets invested in Asian-focused funds grew by $6.6 billion, the largest calendar year increase since 2007.
SPX
Do rabbits eat bulls for lunch?
http://99ercharts.blogspot.com/2011/02/spx_03.html
http://www.zerohedge.com/forum/99er-charts-0
Happy Chinese New Year!
Holy fuck - CNBC as of 10:53 eastern is talking about how to take advantage of (sell to) people with seasonal affective order ("SAD"). Now that is sad. With marketing geniuses now specializing in slices of the DSM-IV population, no wonder productivity came in above expectations! <tries to relate it to topic> "Hey Jim, how's the schizophrenic market responding to our special Red Bull ads in [you fill in joke publication]?"
It's almost 11:00 am est.
Brilliant post! Will you let us know when it turns 11:30? Then we can go to lunch!
on Thu, 02/03/2011 - 10:31
#930791
Plunge Protection Team (PPT) should arrive no later that 11:01 am
I just Bought The F#ing Dip! I plan to sell into the close !! "
You will remain unknown.
Glad you're here William You Bastard! Not sure what market you're looking at but it does look to me like we bottomed about 10:15 am....
Anyway, I wanted to make sure you got this post from the other day...I wrote it about you so I wanted to make sure you saw it! Here's a copy:
I wanna be a troll like William You Bastard so I'm going to pop in for a random negative comment against PMs and then never look back at this post and never reply to anyone who comments on my misleading propaganda. So, since this is my first time, here it goes:
"Saying that 1 oz of gold could buy you a suit in ancient Rome and the same 1 oz could could buy you a suit today is complete bullshit. Because nobody accepts the Aureus as currency anymore it is therefore worthless. You can't go into a suit store and buy a suit with 5 Aureus. So this proves that throughout history, gold has gone to zero. You are all wasting your money buying gold."
How's that for a first try?
Excellent first try IMO.
William the "Bastard" says it all, just don't bother with this troll.
Thanks Taraxias. That is good advice. I've seen others argue with the trolls and it doesn't achieve anything....just a waste of time.
So, I think I will stick to making fun of them. Perhaps my second try at trolling will be more entertaining. If I get good at it, I could be the troll jester. Look for me when gold breaks upward through 1400. I'm sure I'll have lots of fun troll jester things to say then!
(also, I've been getting top secret troll jester training from ColonelCoooper, from the Counter-Troll-Intelligence Department, and am polishing my skills)
Better than expected ISM data + jobs data, plus POMO x 2 today, and stocks are down. Why? Because the euro is plummeting. Stocks will follow the euro down for the next several months.
SPX
Today's Blue Plate Special is....
http://99ercharts.blogspot.com/2011/02/spx_8355.html
http://www.zerohedge.com/forum/99er-charts-0
It ain't rabbit, that's for sure!