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Initial Claims In Line With Expectations, Not Nearly As Bad As Needed To Send Stocks Higher
One of the consequences of yesterday's endless Fed PR campaign was making it very clear that any good news going forward will be bad news for the market as it brings the T-word that shall not be named (wink wink Hilsenrath) that much closer. Which is why today's initial claims print, which just came in line with expectations at 340K, on consensus was looking for 345K, will hardly be a good thing for the market which now needs horrible economic data to assume that the taper will be delayed indefinitely. The last month's data was as always revised higher from 360K to 363K just so the media can claim an improvement of 23K for the week. Sure enough, futures not only did not ramp on the news, but are continuing to trade at the weak levels seen before the print. Continuing claims also came in better than the expected 3 million at 2.912 million, the first sub-3MM print since 2008. Hardly the bad enough news the market was looking for. And while the report in general was a big snooze, of note was the surge in California initial claims last week when the headline number soared, jumping to 15,060 due to "layoffs in the service industry." Will the weakness persist?
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So goldilocks is now bad and really bad is what is needed to ramp stocks. Let's see if the selling picks up. I'm looking forward to the liquidation on over-leveraged momo hedge funds. Maybe they could take up a real trade like carpentry.
WTF is Tom Keene Tweeting about here? she looks pissed for some reason or did she call him a tool because he took a vid of her?
https://twitter.com/tomkeene/status/337348674948591616
https://vine.co/v/b9EBx9DaaJ0
US Markets will close green today...mark my words...and then Fartiromo and Pissani can say that the market is resilient in the face of collapse all around us and that we are going higher.....an 'impromptu' weekly appearance by Larry Fuckin Fink will assure all the sheeps that BTFD mantra is back after a ONE day hiatus.
I'll take that bet. I think we'll sell off for the next two days since the market is closed on Monday.
DJI down 111 so far.
Naw, they won't take up something useful like carpentry. Besides, they prefer houses built of cards.
It's NOT a house of cards! Interest can remain at zero FOR EVAH!
Shouldn't advocates of sound money be happy about ZIRP, esp. if combined with an absolute bar to inflating the money supply? That way, we're minimizing payments in the aggregate to the banking cartel, and they aren't picking our pockets through inflation. Thus, ZIRP is half of what we want, right? That is, short of a transition back to commodity-backed currency (neva gonna happen)... What am I missing?
Carpentry requires skills.
Whats happening out there is employees are getting hours reduced due to Obama care and they need to hire more part time people
Work 4 jobs or just go on disability......hold on.....I'm thinking about it.
Or, retire at 62.....18months to go.
If you are the average 62 year old, you will acquire a taste for cat food. That'll be the only thing the average 62 can afford to eat. But, since you read and post ZH, I think you are above average. Carry on...
You mean I'm supposed to eat cat FOOD and not the cats!?
That makes things a lot easier. Thanks!
After engaging in an exhaustive CBA, my buddy decided, despite the work available, to stay on Unemployment.
He used a built-in biologically programmed algorhythm to formulate the calcuations protocol, considering the following variables:
Total caloric output of work, plus mental and emotional stress, build-up of lactic acid in the muscle tissue, plus other waste products that contribute to fatigue, etc.
Wages received
Taxes
Peter principle issues (bosses)
various un-reimbursed costs of work, such as gasoline, lunch, etc
Against all these, he also factored in:
Amt of Unemployment received
Stresses of inactivity, ie boredom, counteracted by internet porn and hobbies/ yard work
marital stress of unemployment
odd-jobs and under/the/table handyman work
After inputting all this information, he activated the biologically designed computational process by mixing a very strong gin and tonic, and sat back while the bio-analog computer whirred away on the problem.
Soon the result was ready for his inspection. As he had suspected, it was much more profitable to remain "unemployed" than it was to return to work.
Actually, the calculus for bad news bumping up the stock market is much simpler:
Good economy means no more QE. Good economy means interest rates rise. Good economy means no more free money to dump into stock market by banks. Thus, good economy is bad for stock market.
Bad economy means more QE, more free money, low interest rates, more money to dump into stock market, more fake numbers to post showing everything is fine- bad economy means good stock market.
So, my buddy and the banks are on the same page- who wants to work for anything when someone will give it to you for free?
Bingo! And thus Obamacouldcareless is doomed to fail because so few can afford health insurance when they're making just enough to survive working two or three part time low paying jobs.
All we need now is Flash PMI to miss and fall below 50 to really get this implosion going!
Could you imagine if Obama lost the ability to lie..
Ben Bernanke=
The Taper Worm...
I'm here all week
With all the printing and debt it's just a matter of time before the Japanese market becomes unstable.
Japan will experience the financial nuke explosion first.
Whoops! And for a minute there the knee jerk reaction in stock futures was positive until someone remembered fed meeting minutes from yesterday that that its "mandate is all about employment". And maybe someone did the math to determine that a full 600 S&P points are floating on fed money printing and that probably half of that (300 S&P points) should come out when the fed goes to a neutral stance which might very well occurr in the next 9 months.
If "they" really did the calculation and were trying to find out how much would be lost if the Fed stopped QE (not going to happen btw), they would all sell now. Maybe they're nervous that not even the Fed can hold this market up for much longer and a correction is imminent.
California has weakness in "service" industry? I wrote Cali off a state long ago. Wouldn't visit there if my life depended on it. Would rather go to a communist country that is at least honest about their political direction
the futures should be a lot lower, but thanks to fucking hewlett fucking packard, which despite getting crushed on revenue, its somehow up 11 percent pre market, keeping the dow afloat somewhat.
fucking bull shit.
i want to see a 7 percent japan style sell off
I don't show up because I haven't been able to file because it ran out and I can't re-apply even though I'm still unemployed.
Copper keeps shitting the bed, no nurse is answering their call button, and now the stench is starting to reach the others in the ICU.
i love the rise in gold. i think we can see 1500 level shortly. people are going to start loading up on gold, as it is the only real thing.
Don't get too attached, TPTB can't allow the market to fall and gold to rise.
Remember your handle buddy, remember your handle.
Not a classic/ideal indication of weakness, but NASDAQ100 broke channel support over a week ago.
http://bullandbearmash.com/chart/nasdaq100-hourly-broke-channel-week-cha...
Since then, relative movement has been more sideways than up.
US Dollar is being driven down hard to keep these markets from collapsing.
Now who wants to buy a Euro or Yen? They're both up. : )