After One Month Respite, Pink Slips Are Flying Again
Following 4 weeks of supposed improvements in the labor picture courtesy of declining initial jobless claims, even as we all know too well that Wall Street has been firing thousands and thousands of highly paid bankers and CNBC talking heads left and right (are bankers too good for that $400/week paycheck from Uncle Sam?) today initial claims for the week ended December 24 once again resumed their drift higher, printing at 381k, up 15k from the perpetually upward revised prior week total of 366K (previously 364K). And as usual, the Seasonal Adjustment process smoothed out a whooping jump in actual terminations of 69k, which rose from 421K to 490K. Continuing claims also rose by 34K, from 3567K (upwardly revised, duh) to 3601K. Finally, those on EUCs and Extended Benefits once again saw a net drop off from the 99 week cliff as more and more people fall out out of the workforce in perpetuity following 2 years of being unable to find a job. The total amount of jobless on extended claims is now down by 1 million from a year ago, down from 4.5 million to 3.5 million, and dropping. We for one, can't wait to hear what the media spin will be next month when employers put the pinkslipmobile on turbo boost next month and fire all those temp workers they has been stockpiling to help with the EOY inventory liquidations, and we get another 400K claims print.
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Monthly MACD on gold is about to turn negative. Time to dump your gold gents before this gets uglier
bu.. bu.. bu... but hyperinflation?!
See this is why people shouldnt invest based on comments here. Dump gold and "invest" in what... silver? Even bigger lol than a GRE 1yr CDS.
So......Soros and Roubini were right?
Max Fischer, Civis Mundi
Oh stfu mathman.
In other news:
99 weeks ago today was 02/04/2010All this angst about day-to-day price moves gold. This market insider believes a pullback in the POG is a gift. He has made some good calls over the last couple of years.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/20_London_Trader_-_We_are_Witnessing_a_Historic_Bottom_in_Gold.html
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/21_London_Trader_-_There_are_Tremendous_Silver_Shortages.html
Good point. Silver is almost as useless as your commentary.
Also, hyper-hypothecation has nothing to do with this... at all.
There is no safe harbor for wealth. Cash in the gun safe slowly inflating away.
hyper what ?
lets do not talk about hyperinf(uck)lation , and then it won't happen.
just like some politicians i know ...
excuse my eng.
Your english is fine.
If I ever seen an ex banker pan handling on the street, I would let my 6 year old boy kick him right in the fucking teeth and steal his can of coins!
Maybe for some ex-CEO fuckwad, but many of the people who work in those places are just like you or me. They're responding to the incentives that were laid out before them, too. Their families will suffer. It's just that I have a hard time believing anyone making $450K or more, even in NYC, couldn't set a little aside for a rainy day. The bonuses were huge. It was up to them to blow it on a yacht or sports car or other wasteful trappings. I know, fast women, fast cars, blow, yeah, yeah. This country needs more Quakers and fewer assholes.
Look Seamus - if you were a real man you would beat the living hell out of that tax xheat Bono Hewison aka f**ktard.
Funny thing about technicals. They always work until they don't.
+1 :) Funny indeed
Your MACD indicator is so perfect that I bet you have like trillions of dollars from always being on the right side of the trade.
Paper gold is overdue for a major washout (especially coupled with year end liquidations by shuttering hedge funds) as was expected when we observed the gold rehypothecation horror stories courtesy of MF Global. Hopefully what this does is to force people to leave such abstract gold comps as GLD and actually buy the real thing.
Fuckin' Celente...
'Twas bound to happen sooner or later.
Celente doesnt know so much. After all, he did get ass raped in MF GLobal.
By not counting on it happening? Even though it has never ever ever ever happened before in the history of the commodities exchange?
So if I walk out of my house and get creampuffed by an asteroid, you're going to say I was an idiot for leaving my house. Nice to know.
You miss the point entirely, for all of Celentes 'White shoe gangsters on Wall St' talk, he got robbed by the 'White shoe gangsters on Wall St'!
Yeah, I get it...and he wasn't making moves that I would make myself or recommend to anyone. But when you're still under the impression that you're safe (which everyone thought, but we NOW know you're not), "armchair quarterbacking" him today and saying he doesn't know much is kinda weak. Just because he got robbed doesn't mean he isn't a sharp guy. That's all.
You lie down with dogs, you get fleeced.....
In light of MFG, I honestly don't know why the COMEX price of silver and gold are not already at zero, and with zero volume.
I am not a professional trader, but I would have thought that when people saw in the Fine Print where it says "if it looks like you are going to win, we will rape you, and murder you, and rape you"-- it seems like that would be off-putting.
Tyler(s) - do you have a list of hedge funds that are closing down? Paulson? Whitney Tilson?
yes everyone please dump your gold!
And let's not forget platinum. Lowest price since 2009.
But good luck getting your hands on physical. Every big dealer I follow is "out of stock".
check http://www.tulving.com/goldbull.html they have coins & bars available
Thanks. I'm looking for 1oz. Eagles and Maples. Everyone is literally sold out, just as the price collapses.
If youre dumping your gold for fiat dollars due to a 'MACD indicator', then you really are a clueless moron and didnt know why you should buy and hold gold for the very long term in the first place.
On this day I am thankful for weak hands, as I will be picking up more.
What if the Euro collapses and the DX flies back to 120? What then? This whole Euro trying to become a reserve currency may be ending, so how does that affect your planning?
fundamentals also work - till they dont.
You can't eat a MACD.
1 million more in tent cities I suspect?
And wait for it 3...2...1 and here's the spin....
"Jobless Claims in U.S. Hit Three-Year Low in Past Month" - Bloomberg
"Jobless claims rise, but labor market healing" - Reuters. December 29, 2011 9:30 EST
Reuters a year from now -- Dec 21, 2012
"Immense solar flares scour life from much of planet. Jobless claims fall to 5-year low."
I thought we should start writing these news stories now...
lol...green shoots everywhere.
"Contract signings for US homes up in November" AP - December 29, 2011
'Healing'...LOL. What can you even say? The corpse of the terminal cancer patient is deemed to be HEALING?
Whatever.
Is "Abnormalcy Bias" finally setting in?
Fill this thing out and send it in to the Department of Absurdities...
tOO BiG To fAiL LOan MOdIFiCATioN FOrm r.1.A.002.B.XXXX
i noticed the same headline this morning, i LOLed, but then it made me sad.
and of course the ever popular........
USA TODAY - 1 hour agoBy Christopher S. Rugaber, AP WASHINGTON - "The number of people seeking unemployment benefits rose last week after three straight weeks of declines to a level consistent with a modest pick-up in hiring." huh....wha?....is that latin?
....formerly worked as a reporter for Pravda....
Fortune 500's will start announcing layoff's due to uncertainty in Europo
Mosaic's announcement last night started the spin
And this is how they spin it in BBG:
Jobless Claims in U.S. Drop to Three-Year Low in Past Month
Dec. 29 (Bloomberg) -- Fewer Americans filed applications
for unemployment benefits over the past month than at any time
in the past three years, a sign the U.S. labor market is on the
mend heading into the new year.
The four-week moving average for claims, a less volatile
measure than the weekly figures, dropped to 375,000 last week,
the lowest level since June 2008, Labor Department figures
showed today in Washington. Applications rose for the first time
in a month in the week ended Dec. 24, climbing by a more-than-
forecast 15,000 to 381,000.
The jump in claims last week may say more about their
volatility during this time of year than about the state of the
job market, according to economists like Eric Green. Their
recent decline has stoked speculation the world’s largest
economy was on the cusp of showing bigger gains in employment.
“The labor market is improving,” said Green, chief
market economist at TD Securities Inc. in New York. “You
should expect to see stronger payroll numbers going forward.”
Stock-index futures held earlier gains after the report.
The contract on the Standard & Poor’s 500 Index maturing in
March climbed 0.3 percent to 1,247.9 at 8:40 a.m. in New York.
we are all going to Sears and Kmart and help them keep the doors open
I wonder how many more retailers will announce store closings after the end of the year? Better redeem those gift cards fast.
They'll probably say what they said this morning on the BlowHorn [CNBC] regarding this mornings missed claims print: "Good enough." M. Cabrarra.
Right, if jobs print at -600K next week, they'll just say its good. Why not? No one will do jack shit about it anyway, sympathy and admiration for their captors in Stockholm Syndrome 'Merica.
Loosely translated, M. Cabrarra said, "Fuck you, Average Joe. Who needs you, anyway? We have long only gains to book."
The BlowHorn [CNBC], it's network script written by criminal syndicate Wall Street banking hacks, is this morning ignoring the Italian bond auction failure...along with the acceleration of job terminations. What a great network for investors!
People still listening to CNBC for 'financial advice' deserve exactly whats going to happen to them one morning soon.
No shit. Sad that so many have yet to open their eyes. I was talking to my bro-in-law over the weekend, and I've been hitting him with info for two years now, and he still doesn't fucking get it. He listens to too much Neil Boortz and Rush Limbaugh bullshit. Completely brainwashed in the left-right paradigm, and despite my best efforts, subtle and obvious, he still walks around in a haze of right-wing pablum.
There is a reason your brother-in-law is this way. The reason is...it is painful to recognize the truth of our lousy situation. Once your eyes are open, it literally is PAINFUL to watch BlowHorn [CNBC] programing. It is literally painful to watch the lie spin machine at work...watching criminal bankers and investment gurus herd the sheeple into absurd momentum stocks and other bullshit storyline stocks.
Painful.
You're right, Cdad. I turned on CNBC a little while ago, first time in months, just to hear the spin being rolled out to the masses. Kind of a "know thy enemy" type thing. It is painful to listen to, makes me want to laugh and puke at the same time. Oh well, all we can do is do our best to open the eyes of those in our inner circle.
On a brighter note, I did take delivery of some PMs from Ammoman yesterday. Great deal on some .357 JHPs. Precious metals, indeed.
That is why most of us watch...not for real information.
Now the BlowHorn is moving on to pimping the completely BS NAR numbers. Calling the bottom in housing...for the 100th time. The lie machine has to work hard here...to cover the bleak reality of bank owned homes. Just painful.
Now go to the local welding supply company and get .25 tungsten welding rods (for heliarc) trim to length and insert in hollow points good anti personnel armor rounds
People who watch TV are f****g morons and sheep who enpower the elites/oligarchs when they switch on ther HD brainwashing machine. The public votes to be serfs - every time they switch on the TV.
Cabrarra is only there because she has great tits. She knows it. We know it. Ignore what she says and keep your eyes on the center of the screen.
I miss that hot Hispanic chick on Fox business.....she had tits and ass and everything.......
I saw that too. Amazing! My response was "good enough for whom"? She should go down to the Unemployment office and spout that crap.
Ben's pink panties are now visible i guess
Look at that non-seasonally adjusted initial claims number for last week.
A bunch of people got a pink slip in their stocking, rather than a lump of coal.
I will be receiving a pink slip from the New Year's Baby this weekend, as my contract position finally comes to an end.
The UC claims report that comes out on January 12 for w/e January 7 will include me as a claimant.
Now, I won't have to pay for everybody's fucking children and their own worthless, thoughtless zombie-fied lives any more.
Doing my part to ensure the timely demise of The Evil Empire.
don't forget to apply for snap
sorry to hear it Tsar
Thanks, Irish66, for your thoughts.
I won't qualify for SNAP. I'll make too much money on UC bens.
I can't even begin to imagine how many people are going to be losing jobs early in 2012. Statistically, it's going to make 2008 look like the good old days.
Oh, and to address an above comment, I think Sears Holding Co.'s store-closing announcement the other day was the black swan the markets needed to get P3 up and running.
Or, should I say, falling?
P3 started back in May, we're just now getting past the 3 month correction. Intermediate 3 is going to be nasty.
Forgive me. I fully agree with and understand your comment. I was mistaken in my terminology.
I should have typed "Wave 3 of P3". May-Oct was W1, with Oct-Dec being W2.
So, where do you think she (i.e. S&P) gets down to in W3 of P3? I say we break the 2009 low of 666, landing somewhere in the upper-500s.
Joyous times ahead in 2012.
Good question. I don't really know what to expect other than we'll take out 666 on the way down. It's at that point that I'll probably close my short trades, load up on PMs and, depending on what's happening in the real estate market, maybe buy some land. So many variables, though, it's hard to predict the path we'll take. I do expect an epic sell-off in many asset classes.
I'll also predict that Elliott Wave Theory will experience a surge in popularity this year.
Isn't that something the fans do at football games?
Time to buy a Snuggie.
MCC dressed in bright red today. The titties looked good, would love to spray a load all over that dress while she talks shit with Kernal and that commie fucker Hardwood
this is not a porn site, please refrain
sure it's a porn site. what else?
Yea this is not a porn site, you confused ZH with CNBC, a real porn site.
i prefer fox news, they even fuck your brain more up
TV is for morons who love supporting their overlords.
Well, doomer porn only. Ever since pladizow changed his avatar, at least.
Gun porn, metal porn, prep porn, porn porn......
Yeah, specializing in the obscure fetish of economic mental masturbation with a touch of conspiracy theory and paranoid delusions that are for the most part, based on independent verifiable facts. And of course a tad bit of pencil fucking by the various writers of the articles.
AG I am so glad "Santa Baby" got you a great set of "store bought" tits, but it's kinda SKANKY of you to display them like this. (Be careful with those things they might poke your eye out.) lol
thx. dumped gold for tits. only sensible deal available.
HAHA! +1. Well played.
Why don't you change your name from azzhatter to asshole.
Fire! fire! Quick dump you insurance before its too late.
Short term Gold and Silver paper values might go down in a scramble for short term liquidity. But with 100 to 1 paper claims to physical, there are lots of people and only a couple of chairs once the music stops. And my guess is miners will start holding on to some of their production rather than add to rapidly expanding bank balances -- in rapidly depreciating fiat currency. Will goose their stock prices far more than a big balance and paper "retained earnings" in a teetering financial system.
Physical Gold and Silver are mostly in strong hands who know the hyperinflation hockey stick is coming, and could care less what the day to day price gyrations are. Even countries such as Turkey are adding to gold reserves. As for me, expecting another Argentina where I will pay off my mortgage in hyper-inflated fiat dollars for the price of a cab fare across town to the bank. Won't be foolish enought to predict a date, but my guess is less than 5 years from now. Or else Jubilee once interest rates rise to the point where it is blindingly obvious to all that the debt can never possibly be repaid. There are a lot of broken promises in our future. Employment, pensions, debt repayments, retiree health care....
Exactly. OK, people are getting hired.....but what good is it if those jobs don't offer personal growth? A prmoise of a wage that not only keeps up with a (manipulated and inflated) CPI number but also the money supply? Savings/benefits (lol)?
Americans are more patient than you give them credit for.....but not patient enough for the red,white, and blue dildo the Fed has been jamming against wages for the last 12 years, to be 100% balls deep. Never mind the greedy corporate assholes who manipulate this to have more money in their pockets. They seems to forget the less money consumers have, the less shit made in China they'll buy.
Interest rates can't be at 0.00001 percent forever. At some point, shit hits fan and then fanned shit hits everyman's wallets. Gas will go to 5 dollars. Hell, the MBTA fares maybe going up from $1.75 to $3.25 by next JUNE here in Boston. Methinks the corporations won't be giving me a 30% raise by then to cover the cost (and I'm at a company which, BTW, doesn't offer me a discount on a MBTA pass. But they send me an email each week "to find ways to be more green" #joke).
$400 a week? It'll be lucky enough to pay for 2/3rds of the groceries.
$5 dollar gas? With the Iranians playing chicken with carriers in the Hormuz straits. $7.50 or $8 may be more like it. We've become habituated to WTI at $100 a barrel. Next stage is $180-$200.
I'd be more inclined to agree with you, if political pressure didn't keep the market from doing what it wanted. But could it go to from $6.50-$8? Sure, why not, especially in this climate, things can turn on a dime VERY quickly.
BTW, read this article afterwards, and cringe (yet be proud) of the hopium people have:
The hidden job market is the hardest to uncover, a frustration felt by
many callers, 27 percent of whom said the most difficult part of the job
search is finding openings. In the same vein, another 24 percent said the
biggest challenge is getting interviews.
http://blogs.reuters.com/macroscope/2011/12/29/americas-extended-stay-job-hunt/
Welcome to corporate Amerika: you get a 35 hour work week, no benefits or healthcare, and don't forget that massive 2 month payroll tax-cut "The One" worked so hard for you to get just before you got pink-slipped out the door. Some days it pains me to be from this place.
http://vegasxau.blogspot.com
TBH, I think instead of offering less hours, they'll change the laws. Lower the minimum wage - or completely eliminate it. 45-50 hour work weeks, no benefits/HC, and stagnating wages. But they'll be MORE JOB GROWTH!!!!!111
Just enough to pay the bills (first, when they automatically take it out of your check), food on table, and maybe a trinket or two - but not enough to save for a home, a newer car, or college (those are only for people that TPTB choose).