• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Timberrrrr: Manufacturing ISM At Lowest Since September 2009

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Wed, 06/01/2011 - 10:09 | 1328346 Cassandra Syndrome
Cassandra Syndrome's picture

jISM Bitchez

Wed, 06/01/2011 - 10:18 | 1328409 Clueless Economist
Clueless Economist's picture

I have insisted ever since I received my Nobel Prize (the President earned one also) that we need to to save or create shovel-ready jobs in order to keep the green shoots growing and to pave the road to a RECOVERY Summer.....but noone listens to me or John Maynard anymore.

Wed, 06/01/2011 - 10:40 | 1328513 egdeh orez
egdeh orez's picture

Suck it up, Bernanke

Wed, 06/01/2011 - 10:41 | 1328523 Zero Debt
Zero Debt's picture

Meanwhile the central planners are struggling to decide whether the government should subsizide the shovels to dig meaningless holes or the excavators to refill them again.

Wed, 06/01/2011 - 11:31 | 1328848 trav7777
trav7777's picture

let's suppose we did all that, subsidized a bunch of tractors.

What oil are they gonna run on?  If we have human shovelers, what oil will we run the industrial agro on to feed them at a higher rate?

People would be wise to study the discontinuity that just "happened" in the early 70s.  It wasn't monetary in origin.  Raygun succeeded in extending the dollar umbrella to some important nations far away, but that game has now run out.  And here we are seeing the same symptoms...go figure.

what is happening to money is not the cause; it is a symptom. 

Wed, 06/01/2011 - 10:10 | 1328350 LRC Fan
LRC Fan's picture

Santelli for the fucking win!  Mentions gold and oil are way up and the Fed's medicine hasn't worked!  Amen!

And if we miss big on Friday does it mean Dow -300 or more??  I think the pre-QE3 correction has begun in earnest. 


Wed, 06/01/2011 - 10:24 | 1328427 Boston
Boston's picture

Hmmm, I wonder what the 10 year is doing?  Oh, it's 2.97%.  Wow, I wonder what Bill Gross thinks about this little development?

And BTW, if NFP disappoints on Friday, I wonder how quickly the 10 year will drop below 2.9%.  Here's a hint Bill---about 3 seconds.

Wed, 06/01/2011 - 10:38 | 1328496 Johnny Lawrence
Johnny Lawrence's picture

Exactly.  I've said it lots of times here.  Being bearish on bonds was the most anti-contrarian position anyone could take.

Wed, 06/01/2011 - 10:50 | 1328585 taraxias
taraxias's picture

and the most correct

I don't think PIMPCO is planning with the same time horizon as you


(Is Captcha keep getting harder, or is it just me?)

Wed, 06/01/2011 - 10:10 | 1328351 trav7777
trav7777's picture

the need for QE3 w/o the crash...longs are lovin it

Wed, 06/01/2011 - 10:10 | 1328352 Iriestx
Iriestx's picture

All this bad news guarantees that we close green.

Wed, 06/01/2011 - 10:11 | 1328353 Cassandra Syndrome
Cassandra Syndrome's picture

Tyler. Lehman's was September 2008, there was a number of ISMs in the 30s before April 2009.

Wed, 06/01/2011 - 10:12 | 1328370 Biggvs
Biggvs's picture

Ditto, you beat me to it.

Wed, 06/01/2011 - 10:15 | 1328387 Tortfeasor
Tortfeasor's picture

If only the words "monthly drop" had some sort of concrete meaning.  They are so non-specific, aren't they?

Wed, 06/01/2011 - 10:18 | 1328414 Jeff Lebowski
Jeff Lebowski's picture


Wed, 06/01/2011 - 10:37 | 1328487 fastishplastic
fastishplastic's picture

read more carefully - "Yesterday we had the biggest monthly drop in the Chicago PMI since the Lehman collapse." and then - after the conative jump - he writes "ISM Manufacturing index plunges to 53.5, far below expectations of 57.1, and from 60.4 previously: this is the lowest number since September 2009."  TD does seem to invoke the ISM lows of sept. 09 and the sept 08 Lehman collapse in a carefully crafted close relationship in this intro, but accurate nonetheless. And furthermore ISM was still hovering around 50 in sept 08, didn't plunge until after Lehman. that may have also been cleverly invoked?! terrible horrible very bad number in any event.



Wed, 06/01/2011 - 10:14 | 1328357 Atomizer
Atomizer's picture

Treasury Department Announces Public Offering of Warrants to Purchase Common Stock of Webster Financial Corporation


 The proceeds of this sale will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock. The offering is expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager for this offering.

Wed, 06/01/2011 - 10:14 | 1328358 RobotTrader
RobotTrader's picture

2.99% 10-yr. yield.

Here come the "Animal Spirits"....


Wed, 06/01/2011 - 10:18 | 1328386 lieutenantjohnchard
lieutenantjohnchard's picture

hd at low of day: check

vz at low of day: check

mo at low of day: check

robottrader changing the subject: check

Wed, 06/01/2011 - 10:21 | 1328410 HelluvaEngineer
HelluvaEngineer's picture

WFC and other TBTF longs getting *blowtorched*

Wed, 06/01/2011 - 10:29 | 1328454 lieutenantjohnchard
lieutenantjohnchard's picture

good one. blowtorched indeed. i could have added his other favorite best of breed.

jpm at low of day: check

looks like the dime he made yesterday is long gone.

Wed, 06/01/2011 - 10:32 | 1328480 gulf breeze
gulf breeze's picture

All short etf being dry humped

Wed, 06/01/2011 - 10:17 | 1328403 gulf breeze
gulf breeze's picture

Guess you will vanish again today after getting pumped and dumped. 

Wed, 06/01/2011 - 10:12 | 1328360 Jayda1850
Jayda1850's picture

10 year with a 2 handle, QEIII basically assured, Steve liesman calling bad reports transitory, the euro at 1.44 with all thats going on over there. You cant make any of this shit up. And you still can not rule out a positive close in these manipulated markets. UNBELIEVABLE.

Wed, 06/01/2011 - 10:12 | 1328364 dognamedabu
dognamedabu's picture

I am like thinking.. This house of cards is ready to collapse. So many warning signs. But it probably will hold up for a few more dates. 

Wed, 06/01/2011 - 10:12 | 1328366 Racer
Racer's picture

This is what you get when you let a Genocidal Chairsatan run the economy into the ground... the very one that didn't see the massive problems the last time until they hit him in the face

Wed, 06/01/2011 - 10:16 | 1328371 6 String
6 String's picture

Should be good enough to get the R2K to rally into the close for the day and end the week smartly positive, right?

Wed, 06/01/2011 - 10:18 | 1328385 LRC Fan
LRC Fan's picture

Seems like good support at Dow -108 for some reason.  But yeah the markets will "pare" their losses to about -50 before noon and then begin ramping higher by 3pm.  Count on it.

Wed, 06/01/2011 - 10:16 | 1328379 Caviar Emptor
Caviar Emptor's picture

We're slumping into the long, hot summer

Wed, 06/01/2011 - 10:18 | 1328384 Iriestx
Iriestx's picture

Summer of Recovery II:  The QE3 Boogaloo.

Wed, 06/01/2011 - 10:19 | 1328394 LRC Fan
LRC Fan's picture

Are you some kind of terrurist or something?  This is the summer of recovery!  For real this time!  Strong king dollar is coming to a theatre near you soon!  Joe Biden said so...right Joe?  Joe??  Joe!! Wake the fuck up!

Wed, 06/01/2011 - 10:24 | 1328426 Caviar Emptor
Caviar Emptor's picture

We're like the 1962 NY Mets. 

We're like Roy Hobbs (The Natural) when he's under the evil spell of Kim Basinger

Wed, 06/01/2011 - 10:14 | 1328382 apberusdisvet
apberusdisvet's picture

Wait until Geithner announces that another TARP is needed; I see that coming a mile away; or would there be a covert bailout?  In spite of the no down profit days for the TBTFs, I'm assuming that the balance sheets are worse now, what with all the foreclosure fraud implications, and the massive amounts of derivative debt overhang.

Wed, 06/01/2011 - 10:16 | 1328393 TraderMark
TraderMark's picture


Wed, 06/01/2011 - 10:16 | 1328396 6 String
6 String's picture

...and the market get pinned at this level, of course. Anyone else notice the monkeys pinning the market action every time there is shit news? Seriously, this market is so rigged I'm not even sure ZH has covered it nearly enough it's gotten that pathetic.


Wed, 06/01/2011 - 10:16 | 1328398 Flore
Flore's picture

Time to get the deflation boogeyman out of the the closet.. which will be send back home as fast as lightning with some money printing///

Wed, 06/01/2011 - 10:20 | 1328399 Caviar Emptor
Caviar Emptor's picture

Manufacturing was one of the pillars of this "recovery". 

Where did all the "robust" demand go?

Could it be that, well, there really was no big demand? Just residual stimulus money being doled out from on high as corporate welfare? Hmmmm

Wed, 06/01/2011 - 10:20 | 1328400 shortcover
shortcover's picture

Tyler - Goldman already lowered the # to 100,000

Wed, 06/01/2011 - 10:17 | 1328406 oogs66
oogs66's picture

How many people got long yesterday for the 1st day of month trade?  maybe that is adding some extra pressure?

Wed, 06/01/2011 - 10:18 | 1328407 6 String
6 String's picture

wait for it, wait for it....pinning complete, ramp up.

Wed, 06/01/2011 - 10:22 | 1328420 Iriestx
Iriestx's picture

BTFD.  PPT will kick in early and ramp this thing geen on no volume.

Wed, 06/01/2011 - 10:18 | 1328411 SilverRhino
SilverRhino's picture

I'd say silver bitches but the goddamned spot price just fell off a cliff thank to the regularly scheduled morning raid.   Fuckers.

Wed, 06/01/2011 - 10:22 | 1328412 razorthin
razorthin's picture

All eyes on xlf.  Needs to springboard off the 200 day MA.  Looks like it's starting to do that now.

Wed, 06/01/2011 - 10:23 | 1328416 SilverRhino
SilverRhino's picture


Wed, 06/01/2011 - 10:19 | 1328417 SilverRhino
SilverRhino's picture

I'd say silver bitches but the goddamned spot price just fell off a cliff thank to the regularly scheduled morning raid.   Fuckers.

Wed, 06/01/2011 - 10:21 | 1328432 lieutenantjohnchard
lieutenantjohnchard's picture

look at the bright side. we silver holders can pick up a pocketful of coins on the (slightly) cheap.

Wed, 06/01/2011 - 10:31 | 1328460 SilverRhino
SilverRhino's picture

Garage sales.   You'd be AMAZED at what people will sell blackened metal cups and dishes for with that little 925 / 950 mark.  

Wed, 06/01/2011 - 10:45 | 1328541 slewie the pi-rat
slewie the pi-rat's picture

i think it is just the daily ramp-up of the gold/silver ratio---what i now call the ratio rip: Gold to Silver Ratio - 24 Hour Live Gold to Silver Ratio Price Chart Intraday da boys @ werk! and then, the divergence closes.  now that the convention wisdom = gold goood, silver baaad, 40 is defended. 

Wed, 06/01/2011 - 11:05 | 1328693 trav7777
trav7777's picture

this is why silver is the poor man's gold and you shouldn't listen to silver pumpers telling you you are going to get rich off of it.

Gold smells something coming.

Silver is an industrial commodity now, not a PM

Wed, 06/01/2011 - 11:58 | 1329016 LudwigVon
LudwigVon's picture

Wrong. Chinese word for bank, "silver house." Not current fact nor history is on your side. 

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