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Dallas Fed Implodes: Biggest Drop And Miss On Record Send Market To Intraday Highs
If this doesn't send the S&P to new all time highs nothing will. Moments ago the Dallas Fed reported its April General Business Activity report and in short it was the biggest miss to expectations on record, plummeting from 7.4 to -15.6, on expectations of a 5.0 print and the lowest since July 2012. It was also the biggest one month drop on record. Since all of this will be attributed to balmy spring weather in New Zealand, extra rainfall in the Russian Steppes, the US sequester, evil European fauxterity, Cyprus deposit confiscation, and of course, Bush, there is no point in commenting on this disaster at all. And why comment: judging by the market's response which is now at the day's highs, it is not as if anyone even pretends any data matters. The only hope now for those expecting a 20,000 on the DJIA is that the ISM due out soon, will print at 0 and everything will be permanently fixed. In other news the daily prayer to praise St. Bernanke begins at 11 am when POMO ends. Please orient yourself to face the Marriner Eccles building when bowing down.
Biggest miss on record:
The breakdown of the components:

From the report:
Texas factory activity was flat in April, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 9.9 to -0.5. The near-zero reading indicates output was little changed from March levels.
Ebbing growth in manufacturing activity was reflected in other survey measures as well. The capacity utilization index came in at 2.7, down from 5.5, and the shipments index fell to zero after rising to 10.6 in March. The new orders index fell nearly 14 points to -4.9, posting its first negative reading this year.
Perceptions of broader business conditions worsened in April. The general business activity index plummeted from 7.4 to -15.6, reaching its lowest level since July 2012. The company outlook index turned negative as well, declining from 9.6 to -2.2. Labor market indicators remained mixed. The employment index has been in positive territory so far in 2013 and moved up to 6.3 in April. Twenty percent of firms reported hiring new workers compared with 14 percent reporting layoffs. The hours worked index pushed further negative, from -2.4 to -6.5.
Price pressures abated in April. The raw materials price index dropped from 19.1 to 2.5, posting its lowest reading since last July. The finished goods price index dipped to -3 after posting positive readings throughout the first quarter. The wages and benefits index edged down from 18.5 to 17.7, although the great majority of manufacturers continued to note no change in compensation costs. Looking ahead, 34 percent of respondents anticipate further increases in raw materials prices over the next six months, while 21 percent expect higher finished goods prices.
Expectations regarding future business conditions fell markedly in April. The index of future general business activity fell 22 points to -6.7, its first negative reading in five months. The index of future company outlook also plunged, dropping from 21.6 to 6. Indexes for future manufacturing activity fell slightly this month.
The Dallas Fed conducts the Texas Manufacturing Outlook Survey monthly to obtain a timely assessment of the state’s factory activity. Data were collected April 16–24, and 94 Texas manufacturers responded to the survey. Firms are asked whether output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month.
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aaa who let this report out? dont worry, bernake will pull a stick save later today and the market will go green.
BULLISH !!!
Fuck my puts!
Bad news = more QE= good news right?
Exactly.
it's all bout keepn' the 8 ball rolling
http://www.youtube.com/watch?v=mUTEbH4R7zw
If I was the bernake, I would be shitting my pants not seeing the market fall after this. So now he knows that the market expects him to pump more QE to fix this pesky manufacturing print. If he doesn’t, market collapses. If he does, market collapses later via hyper inflation end game.
Bernanke is losing to a Pavlovian market.
"right into your mouth"
The new rule is
Bad news = bullish
Good news = bullish
More QE = bullish
No more QE = bullish
No news = bullish
Bearish = Bullish
"Since all of this will be attributed to balmy spring weather in New Zealand, extra rainfall in the Russian Steppes, the US sequester, evil European fauxterity, Cyprus deposit confiscation, and of course, --Bush--"
Did you have to go there?
Are you one of these RW writers trying to slowly rehab that demonic fuckstick's "legacy" to amerika?
Benny Pavlov Bernake is ringing the bell training the sheeple to buy - buy - buy. He's almost finished with the training and then it will be bye - bye Ms. American die.
"Are you one of these RW writers trying to slowly rehab that demonic fuckstick's "legacy" to amerika?"
If you have been paying attention the demonic fuckstick version 2.0 has been and is still blaming version 1.0 whenever he needs an excuse.
This isn't a polictical site so perhaps you would be better suited to Rachel Maddow and the MSNBC line up of liberal fucks.
While you are of course, correct, I have to admit the use of "demonic fuckstick" made me LOL.
I stopped by my parents recently and do you know who they are blaming the Boston bombings on....
yep, Bush
I've got to admit it's getting better! A little better all the time!
It can't get any worse!
http://www.youtube.com/watch?v=Jk0dBZ1meio
Don't kid yourself Mc. It can get MUCH worse.
This is going to end in something akin to John Bobbit's penis removal kind of bad.
Bobbit. And there are still some that don't believe it's all connected somehow. Or used to be anyway, in this case...
No kidding. If someone was printing $85 Nillion a month and giving it to you for the trash in your basement....wouldn't you ba happy?
substitue "ish" for "shit" and we're on to something
bullish....bitchez
+1
please just don't tell me this means layoffs for the dallas cowboy cheerleaders...
Production, new orders, etc are crashing yet employment is up???? What the hades man???????
And a +1 for saying "Dallas Cowboys Cheerleaders" and using the letters "lay" in the same post..........A long time fantasy for many of us red blooded married men......
Data was around. You lose 100,000 job and then 3 people each get 30,000 jobs.
Notice that, while employment is up, hours are way down. The great full time to part time conversion continues.
No worries, HOOTERS is hiring. You'll have better seats to watch them than the current one up in the nosebleeds.
unless you believe Obama and trust the fucker for fixing it all...
OBAMA HAS 99 PROBLEMS AND THIS IS ONE!
Probably has 99 luft ballons too.. Putin is eyeing him hard right now.
Which is all it takes to make him piss down his leg.
"Bad news = more QE= good news right?"
Exactly! You beat me to it. Completely artificial BS market levels entirely dependent upon QE, precisely as David Stockman has said. If QE would end, the entire debt-based, over-leveraged Ponzi scheme would come tumbling down.
And your calls, too! ;-)
:)
Bearwagon... DESTOYER OF DREAMS!
:)
Why we haven't punched through 1600 on this report is a mystery.
Market is and has been green...
Let me guess. There is an FOMC meeting this week.
Just "manufacture" some more financial "products" of mass destruction, it's all good. Fuck the paper pushers and fuck you Bernanke!
Does this mean that JP morgan will have to cough up another 5 tons of physical gold in addition to the 2 tons that they recieved delivery notices for last Friday?
http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf
I wouldn't hold my breath waiting for those deliveries.
hey laws, off topic, just wanted you to see this:
the post on bitcoin and a large online store that accepts them:
http://globaleconomicanalysis.blogspot.com/
If the Fed would have let deflation occur in 2008 we'd be through it now and well into recovery. Deflation is the orange sorbet that cleanses the pallet. Now with bubbles galore the 'great reset' will destroy and hurt more than it should have.
Fuck you "libtards" and "faux-publicans"!
I prefer to call them Re-pubic-ans. Emphasis on PUBIC.
+1 Mark Levin
What are you? 12?
According to my wife, I sometimes am not even that old. Like yesterday when I told her:
"Never make eye contact while eating a banana."
That was after I stared at her until she looked up; while she was eating a banana.
pods
Damn you, Calvin Coolidge!
Nice. BTFCollapse! After all, central planners are the very bestest capital allocators this world has ever seen.
Thank you, Ben Bernanke, for your efforts to paper over the many and varied economic collapses we now enjoy on a daily basis.
So the Fed missed, they'll just reload...
until they can't.
The market has nothing to do with real world economics, its a casino.
Bet on RED you always win.
De-Regulation of the financial sector has produced
CEOS earning 3000% the national average pay of the workers they employ.
If you were "earning" billions of worthless bernanke bucks, wtf would you do with them?
Fuck with no risk because soemone will bail me out... I would GAMBLE ON THE STUPIDEST SHIT , and the rest would go to drugs/cars/ and prostitutes 100s of them.
Yes yes about that tapering off of QE.....
hey fonz youre back! i was worried about that italian shooting yesterday..was hoping it wasnt you......
All this amid the Fed "hinting" that QE should be curtailed? Not a chance.
It can never end. Period. It only "ends" when the whole things comes apart. We won't think of it in terms of "QE ending"... it will be survival.
Print like you've never printed before [be sure to add in a little extra for yourself & pals while your at it ~ you know, for all your hard work]...
"There's never been a better time then now to buy a.....printing press !"
Is what the Bernank is saying but for everyone else it would mean serious jail time. I'm sure he would appreciate our efforts though!
According to Citi Research:
http://fs1.hidemyass.com/download/pzqe9/kvb8fu04dl9l7dttmvl2j0ab30
Too much money, not enough assets to buy
Inside the global supply-demand imbalance
- "It's the liquidity, stupid!" – The importance of unconventional policies for markets may be widely accepted by now, but we reckon the mechanisms remain poorly understood. Examining the supply-demand imbalance, largely created by central banks, provides important insights on prospects for market performance in 2013 in our view.
- "I have to buy" – The conventional argument for the link between QE and asset prices goes through the demand side: lower yields force investors to take ever increasing amounts of risk.
- "But what can I buy?" – However, we think the supply-side effect of QE is widely underestimated. Over the last three years, central banks globally have suppressed the natural growth in outstanding volume of securities available for investors to buy to the tune of several trillion dollars per year.
- A monumental squeeze – The result has been an extremely well correlated squeeze across risk assets as the liquidity has disseminated globally. For instance, the mere anticipation of the Bank of Japan's expansion of QE has coincided with, if not triggered, a strong rally in high-beta credit instruments in Europe.
- Will 2013 be any different? – Our forecasts for supply and central bank interventions suggests the supply-demand imbalance will remain as acute as ever over the coming quarters. That said, market resilience will face what may well be the biggest test of the year, if and when the Fed starts to taper off QE in the fourth quarter.
Too much money + Too few assets = Inflation*
*Never took one single finance, business, or economics class in my entire education.
= more cow bell
ZH is my graduate course, bitchez.
Throw in some shaved cats, & you've got yourself a deal, brother.
I got a great pubic education at public schools, but none taught me more on the Art & Science of screwing people, the way the The Fiat School of Business has at ZHU.
The FED can never taper off. This is a never-ending upward spiral, until it ain't. At that point, all Hell is going to break loose.
Stocks are the new bonds and bonds are the new toilet paper.
& toilet paper is the new currency...
Ouch!
& Bitcoin is the new currency wipe !
Frontrunning of tomorrows extra large month end POMO-fest.
ABN Commodity Outlook: Gold 1000, Silver 20
Dutch Bank ABN Amro predicts metalls crash.
"Our view is that the global economic recovery will continue and that fears over the slowdown in China are overdone. Although we expect most commodities will fall for the remainder of the year, base metal prices will rise in the near term as demand increases - led by China and the US,"
http://homment.com/abn-commodity-outlook
Firesale? I'm in.
Edit: At that price, I can make boolits from pm's. The surgical recovery with a rusty bayonet will be something to watch.
That also means closing of huge amount of gold mines.
Bullish!
Because ABN does not have any gold it serves them to predict lower. :)
The same ABN AMRO that has no phyzz?...
ABN Amro Ceases Precious-Metals Delivery Service for Dutch Clients
http://www.foxbusiness.com/news/2013/04/04/abn-amro-ceases-precious-meta...
Seems they released the wrong order of PR and analyst report, no?
Word on the Street is someone else is very particular about his Phyzz servicing as well...
If this had been a GS forecast, I'd have done the opposite of what they advise. Am I learning, or just getting jaded?
While they short (shrift) paper gold, I long for phyz.
This is bad for main street but great for Wall Street as it is bullish for more QE which is bad for debt and main street but good for equities that don't have any relationship to the economy which is bad but it's good for the 1%.
logical
Yeah, that'll show you questioning "trickle down" economics .... ;-)
just make sure not to drink the "trickle", it could be yellow-ish
"long small...short big." liquidity comes in small doses (just ask a girl...well, most girls) so in the search for RETURN "you can only go with the company you have." in other words "is the business providing a sufficient reward to hold the enterprise or do you the investor require further incentives." that is the the very being of return ON capital. In other words what are you going to pay ME. Neither gold nor silver does this. Very few things/thongs actually do.
You already know that they have declared war on anyone who opposes the status quo, this is a do or die situation, no prisoners will be taken.
We are at the frontlines for quite sometime now
Not even a hickup.This number and market response is quite scary.
We apologize for the fault in the report. Those responsible have been sacked. Mynd you, m00se bites Kan be pretty nasti ...
They're literally is no need for data anymore. No need for analysts or predictions....just wake up turn on CNBC and see where they have it today.If I woke up and the folks on CNBC were in clown suits honking horns and dancing as they told us the "numbers" I would not be surprised. It is all worthless.
They do that already.
Great imagery! Becky can be Bimbo, Joe can be Bozo, and the other guy can be Homey
I want Bob Pastrami in the miniature car with the giant ladder he has to climb in huge shoes to put out the "fire".
So who the fuck is going to buy up all of these housing inventories?
That's exactly why they're pushing "immigration reform"
Precisely!
Backed by FHA/Fannie-Freddie and your tax dollars.
Bonuses and front loaded fees and payments to Jamie Dimon and his J.P. Morgue crew, with the stagecoach robbers at Wells Fargone riding shotgun.
While we're at it, send them to college too.
Degreez. It's what immigrants CRAVE.
Colleges and Universities in my state will let illegal immigrants pay in-state tuition, but any legal U.S. Citizen from another state gets charged out-of-state tuition (3X more expensive).
This is the case in most U.S states.
JPM, BAC, and Bernake & Co. dua....
TPTB will buy them and rent them out. As the dollar is further and further destroyed, real estate will be one of the valuable assets after the crash.
Bundle up,........ with a big bow on top.
Manna from heaven, per Mr. Hilsenrath!
We have transcended our earthly bounds. We shall be saved!
Buy anything, it will be all transmuted into wonderous returns!
Oh you nasty little CTRL-P command, you've been bad, you need some pressing, some hot sweaty pressing, spank those keys, oh yeah.
"Good news is bullish. Bad news is even more bullish. Always short gold and silver."
If you have not made a million or two using the above rules, it's you own goddamn fault. Ponzi markets are so predictable.
Aren't the lieing spin errrr, I mean talking points that the housing and oil industry are booming now?
This looks like 1/2...not so.
If the economy is improving "according to every so called expert" why do we need more QE? When will QE ever end?
That's not the purpose of QE. It's only for keeping moar Wall St leaches off the streets
It's like predicting the outcome of surgery by how many liters of blood are rushed into the operating room.
That's not hard to predict, at all: Even one measly liter will suffice ...
Warning: Proceed with Caution, as bowing down exposes ass(ets) to market dangers.
i can't believe, that in new york city, with all the high-rises, that nobody with a .300 win-mag, a ruined future, and decent shooting skills hasn't brain-rainbowed a banker or fedreserver.
at least yesterday somebody took a shot at the italian politicians.
needs to become a new game, whack-a-sociopath.
The only people on those high floors got to those high floors because of bankers and fedreservers and politicians.
Storm, you are not speaking into a vacume.
Electronic thoughts are forever.
yeah, yeah. the thought police. does that mean i get a new darpa file?
Obama should be ready right now to sign the executive order to crap the market, same as Bush in 2008.
I called for a PRE-PLANNED market collapse within weeks in Mid March.
I still stand by that call.
ekm you are the one shorting this market aren't you? Take your damn short off so you can get your result!
No I'm not shorting the market.
I have this, but am not leveraged:
https://www.google.ca/finance?q=TSE%3AHOD&ei=gYt-UfifEofIqQGQ6QE
Hori Beta??!! Sounds like what you get when you buy BIDU on margin.
I am solvent
JK
IMO, good positioning for your thesis
Hori Beta, Is the pushtu term for the second.. eh.. um.. prostitute.
LOL
ekm, I remember you called the collapse of oil about 4 weeks ago and I was in agreement because I see the slow down here in Texas. There is a major collapse on new drilling equipment here- I sell to this market and I see it. The phones just stopped ringing in Feb. and I have seen it before. The majors here know the price of oil has been manipulated upwards for years through collusion and overbuying perhaps filling the SPR. The majors know they have milked it for long enough and they are pulling back.
A million thanks for the the feedback from the war front.
I've lost confidence. After being exuberant about the continued boom here- I am now thinking about taking time off and who will need to be let go. It's 2009 all over again and it sucks. Many of the smarter business owners sold out at the end of last year (due to the change in capital gains taxes) I find myself wishing I had sold too. Varco has gobbled up everything, soon they will consolidate and start cutting jobs. Many signs like not as much drill pipe on the road or steel going to the coiled tubing makers.
The US drilling rig count fell by 4 units during the week ended Apr. 26 to a total of 1,754 rotary rigs working, Baker Hughes Inc. reported. That compared with 1,945 rigs working in the comparable week last year.
Hmmm, no.
Extremely high prices are .....BAD....for oil producers, because it makes the market extremely volatile and producers cannot plan in advance.
When price drops to the normal $60, the economy moves again and will need oil, hence oil producers can plan and produce.
If you can source financing, you may want to buy out other similar businesses or machineries that could be selling at a steep discount.
Well there is the rub... before 2009 $75/ barrel was the point at which new equipment ceased to be manufactured- but now that baseline is more like $95.
Incorrect.
MSM trumpets everyday and night about baseline being 95. It's wrong.
Baseline is $60.
I am talking about buying used equipment in good condition as pennies on the dollar, if available.
Obama meeting with all the top bankers would say your right.
"Mid-March", and you "still stand by it".
Interesting. What's that say about you and your fans? Tsk, tsk.
Looks like we got QE on up-arrows also, but only for Insiders. ;-)
after you finish bowing down buy stawks and keep circling the building till the market closes
FEDs a den of treasonous traitors. Nobody believes them any longer. Not even the robots.
The Fed Govt is a den of traitors, with the exception of a very few that you can count on 2 hands perhaps. Its almost time to use the idea in the Declaration of Independence of deleting the current govt and forming a new one.
"If not know, when?"
Our elected government is so totally corrupted that the only possible way to stop its evil would be armed struggle. And it's already started, but:
"the revolution will not be televised ...
the revolution will not be televised ...
the revolution will not be televised."
G.S. Heron
Tyler, I sense a bit more digust than usual. Don't worry - be happy. Afterall, we have big daddy O-man to take care of us all if things go bad.
This sardonic, cynical, bitter Tyler is my favorite Tyler. He would be frothing at the mouth but his PM portfolio is rising, so he is reigning it in just a little today.
Yes but he slipped on that last point - one would face away from the M.E. building when bowing to offer thanks.
Interesring. Sorry for OT
Canada to tax bitcoin transactions April 29, 2013, 10:57 AMCanada’s Revenue Agency says users of bitcoins are obligated to pay taxes on transactions using the alternative currency, the CBC reported.
The agency told the CBC that two tax rules apply to the digital currency, depending on how it’s used. Barter transaction rules apply to bitcoins used for goods or services, according to the report. Bitcoins bought and sold for speculative purposes are subject to captial gains or income taxes, depending on the specifics of the case, the agency says.
The real-world implications are beginning to be felt, as one realtor in Saskatoon quoted in the story has listed houses priced in bitcoins.
Highly volatile bitcoins have attracted increasing amounts of attention in recent weeks, sparked in part by the Cyprus crisis. Speculative action drove the price of bitcoins well past $200 earlier this month before an abrupt collapse back to around $60. They were recently quoted on Mt. Gox at around $140.
Rehash of last week's news. When a number of us flagged the technical joys CRA will have to actually enforce it.
It's a PR stunt, designed to deter a Flight To Bitcoin. And you DO know that CBC is government owned, right?
What would the market have done if it was the highest rise ever? Only the Bernak knows.
I still do not understant why anyone still trys to short this market. You short FREE markets, not manipulated ones. Makes no sense. You use metrics that have not worked for 4 years, and you keep shorting. Oh well.
What market? All we have are casinos, rigged by the house.
The Stawx Market .... is like an 8 story parking lot for your fiat .... with only one exit ?
Goldbugs fault. Carrying gold coins is slowing people down and requiring them to expend more energy. Needs to be banned for environmental and economic reasons.
They will outlaw possession of gold for us serfs in due time. Then the new currency will be issued and we will be even more broke.
They will outlaw possession of gold for us serfs in due time. Then the new currency will be issued and we will be even more broke.
New 100's already printed and sitting ready for the collapse(have been since 2009), and then distribution.Appears it may be partially gold backed(where they get it is another story).
Gold +$20
I wonder if I could get this with a student loan.
KTM 500 EXC 2013: STREET-LEGAL BIG BORE
We need some prosperity in order to crash this market. Yep, it's that bizarro.
Take a look - POMO has just finished and - guess what?
My gold miners turn upward and the S&P downward...right on the tick.
Texas needs more finance jobs. Stop producing oil, and stop building products people need. Texas needs to become a service state where they are the middle men for financial transactions. This way they can skim off of financial transactions. /sarcasm.
Seriously, if this does not show that the real economy is dead I do not know what does.
Do we all miss Jimmy Carter in the White House...
We have Obama, who needs Carter?
Carter better thank Obama for having taken the title of the worst American president of all time.
Barack Obama is too busy with gays, guns and fund raising to waste his time with the jobs bill her ran his campaign on in 2012. When does the public wake up?
When the crash finally accelerates the sheeple will awaken. He is pretty much like every President that we have had. He does not care about the little people, he cares about the multi-national corporations. When the time comes and it is too late to turn back the government employees will have "lived out" their usefulness and most likely they will be cut loose.