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And 14 of 16 On Dallas Fed Miss

Tyler Durden's picture




 

The Dallas Fed Manufacturing Outlook just came with its largest miss of expectations in 9 months - and biggest drop in 7 months.. A 10.8 print vs expectations of 17.0 dropped the index back to its lowest since December and keeps the 'good is good but bad is better' dream alive we assume and markets are entirely unfazed. The 'hope' sub-index printed higher which accounts for some of the reaction but we note that New Orders went negative, Average Workweek plummeted to its lowest in at least six months (and the number of employees also fell), and Prices Paid jumped but Prices Received dropped for the first time in three months (more margin pressure). This makes 14 of the last 16 macro data prints in the US a miss - but Ben is here to save us from considering the harsh reality of our quagmire.

The Dallas Fed data dropped the most in 7 months...

 

New Orders went negative...

And the difference between prices received and prices paid dropped to its lowest in 10 months...

Chart: Bloomberg

(h/t John Lohman)

 

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Mon, 03/26/2012 - 10:51 | 2290918 francis_sawyer
francis_sawyer's picture

Orders? We don't need no stinkin' orders!

Mon, 03/26/2012 - 11:01 | 2290988 HoofHearted
HoofHearted's picture

Notice how everyone has forgotten Crozine's guilt all of the sudden? (WE get QE3! Who cares about fradusters if the market is up?)

Mon, 03/26/2012 - 11:06 | 2291016 Divided States ...
Divided States of America's picture

Effin banks are hedging their long equity positions with shorts in economic data and they making money on both trades.

As long as data are bad the banks with knowledge from the Fed (and the PPT) are going to keep buying and whilst the economic data are good (if they ever will be), then the sheeple will buy into the markets as they offload to them. Pretty good strategy by Bernank, Dimon and Co.

Mon, 03/26/2012 - 10:54 | 2290937 LongSoupLine
LongSoupLine's picture

This economy is nothing but freshly printed fiat.  On that note, market ramping more on this bad news.

Mon, 03/26/2012 - 11:20 | 2291079 Chuck Norris
Chuck Norris's picture

It's made up of Fiat and let's not forget GM Channel Stuffing.

Mon, 03/26/2012 - 10:54 | 2290942 HD
HD's picture

S&P up 14 points on the hope the economy continues to tank.

What a world.

Mon, 03/26/2012 - 10:55 | 2290945 SeverinSlade
SeverinSlade's picture

<==== QE3 launched with S&P > 1400 & national gas > $4.00 per gallon

<==== QE3 launched only after significant correction in the markets and gas below $4.00 per gallon

Mon, 03/26/2012 - 11:13 | 2291048 francis_sawyer
francis_sawyer's picture

<==== QE3 "jawboned" on a daily basis to manipulate markets in both directions

<==== QE3, 'oh look! Kim Kardashian wants to be a surrogate'

Mon, 03/26/2012 - 10:56 | 2290952 SmoothCoolSmoke
SmoothCoolSmoke's picture

See there.   We need more QE! 

Bernanke is brillant: pump up the market on "improving economy"..... then pump it up more on "not improving economy".

Damn I need to get 3x long.

 

 

 

Mon, 03/26/2012 - 10:57 | 2290957 ekm
ekm's picture

There are 2 legal ways to make a profit:

- Hold shares and receive income from the sales of products (not happening and it won't happen unless S&P is at 800 and oil at $45)

- Hold shares and sell them higher to somebody else. (This is where the hope is right now. However, the usual suckers have liabilities = mortgages and credit card exceed assets = house prices, hence not happening either)

To all Primary Dealers, stick the BAC shares and each other's shares up to your asses since nobody is buying them from you. How does it feel?

Mon, 03/26/2012 - 11:01 | 2290980 EscapeKey
EscapeKey's picture

You forgot the 3rd option:

a) Run a financial institution
b) Donate money to the political elite.
c) Steal money out of customer accounts.
d) Claim the money "vaporized".

 

Mon, 03/26/2012 - 11:04 | 2290998 ekm
ekm's picture

So much agree. I should have underlined the word Legal, and I left the ones you are mentioning out on purpose. However, still, all those are legal now. Theft and fraud is legal, however seeing that the usual suckers are out of money and getting retired, even theft and fraud can't solve the problem. Some more primary dealers have to die, pretty soon. MF Globalization cannot be stopped.

Mon, 03/26/2012 - 11:06 | 2291011 EscapeKey
EscapeKey's picture

How about this fourth option;

a) Sell insurance on financial products
b) Cause said insurance events to trigger
c) Refuse to pay out fees OR claim the fees be paid out of taxpayer money when said revenue goes in their pockets

Damn it feels good to be a bankster

Mon, 03/26/2012 - 11:15 | 2291064 francis_sawyer
francis_sawyer's picture

How about the ONLY option...

Counterfeit your own currency & run the printing presses all day & night...

Mon, 03/26/2012 - 11:33 | 2291143 ekm
ekm's picture

Again agree. But it still involves extreme leverage. Somebody will have to lose and badly so.

Mon, 03/26/2012 - 10:57 | 2290959 salvadordaly
salvadordaly's picture

Amazing at that this government would sell out our country to win an election?

Mon, 03/26/2012 - 11:02 | 2290991 EscapeKey
EscapeKey's picture

Unlike Bush you mean?

There's absolutely no difference between this government or the previous. Or the next. They were all controlled by Wall Street.

Mon, 03/26/2012 - 11:21 | 2291084 Everybodys All ...
Everybodys All American's picture

Please ... I know there is alot about both parties that are similar. But this blatant disregard for "free markets" is taking it to a whole new level.

Mon, 03/26/2012 - 12:40 | 2291406 Sam Clemons
Sam Clemons's picture

You weren't paying enough attention in 2008.  On 21 Jan 2008, with futures down 550 points for the Dow, the Bernank did an emergency cut of .75.  Yes, then the stock market went up and everyone celebrated our "invisible hand" markets.

Mon, 03/26/2012 - 10:57 | 2290960 Marge N. Callz
Marge N. Callz's picture

Just keep printing, just keep printing. The coming economic collapse will be epic.

Mon, 03/26/2012 - 10:58 | 2290961 Rainman
Rainman's picture

More bullish news for central planning....the Goldilocks signal for intervention. Rally on !

Bernank will go pedal-to-metal to get Obama re-elected. His job depends on it. He must hang on for the Fed's 2013 Centennial Celebration.

Mon, 03/26/2012 - 10:59 | 2290972 azzhatter
azzhatter's picture

I'm sure it's transitory

Mon, 03/26/2012 - 11:01 | 2290981 dvsteenk
dvsteenk's picture

perhaps we should stop thinking any of these data numbers have a meaning - markets go up because the insiders want it to go up as it makes outsiders clueless

definition of insiders: hedge funds, banks, central banks, and their friends who receive phone calls before the above numbers are released

definition of outsiders: you and me, everybody else who doesn't ever receive any phone calls

Mon, 03/26/2012 - 12:43 | 2291418 Sam Clemons
Sam Clemons's picture

It seems "they" will goose it up until retail investors capitulate and we see a positive inflow of cash.  I'd imagine for the rich and powerful, this is seen as nothing more than a game.  After all, when you already have everything, life probably gets pretty boring.

Mon, 03/26/2012 - 11:01 | 2290985 Stoploss
Stoploss's picture

Hold on, still trying to price that in, inverse exponentiating has become a real bitch lately..

Thank you BATS.

Mon, 03/26/2012 - 11:02 | 2290989 Sudden Debt
Sudden Debt's picture

AMERICA IS GOING TO MAKE IT TILL THE PLAYOFFS!!

 

Mon, 03/26/2012 - 11:04 | 2290997 EscapeKey
EscapeKey's picture

Yeah but I hear they will play Japan in the semi-final, and with all due respect, but they have a lot more experience.

Mon, 03/26/2012 - 11:07 | 2291018 Bubble
Bubble's picture

Horrible numbers. the shelf life for each printervention seems to be getting shorter and shorter.

Printervention Bitchez

Mon, 03/26/2012 - 11:06 | 2291019 SimpleandConfused
SimpleandConfused's picture

Guys, just relax and do the deed;

BTFD.

That is all.  Can't beat 'em, might as well join 'em.

Mon, 03/26/2012 - 12:45 | 2291427 Sam Clemons
Sam Clemons's picture

What dip?  Should be BTFLT1PUD.  Buy The F'in Less Than 1 Percent Up Day.

Mon, 03/26/2012 - 11:10 | 2291033 The Count
The Count's picture

In case some of you guys don't know this joke.... Economists were invented to make meteorologits look good. This is to say most 'forecasts' by economists are worth no more than using tarot cards. And I studied economics, so I should know. As far as the weather is concerned....I asked a TV weather guy once what the accuracy percentage of their 7 and 10 day forcasts were. Looked at me as if he had never heard of anybody actually expecting their forecasts to be graded or analyzed. Yes folks, we are being treated as total imbeciles every day of the year and most don't even notice.

Mon, 03/26/2012 - 11:10 | 2291040 EscapeKey
EscapeKey's picture

Best weather prediction: the weather tomorrow will be the same as today.

Mon, 03/26/2012 - 14:41 | 2291907 TeresaE
TeresaE's picture

I've found the best to be: red at night, sailors (and farmers) delight, red in the morning, sailors take warning.

Seems to be more accurate than the paid weather spokesmodels.

Mon, 03/26/2012 - 11:11 | 2291043 catacl1sm
catacl1sm's picture

Green Shootz, bitchez!

Mon, 03/26/2012 - 11:19 | 2291062 The Count
The Count's picture

By the way, anybody here still actually in the markets? Did you not take the red pill? The whole ongoing VIX vs TVIX debacle should give the last believers in a free economy enough material to finally realize the whole freaking market is TOTALLY BOGUS and rigged. There is no place to run and no place to hide. The SEC...hahahaaaaaaaaaa. Government statistics.....LOL primo asswipe! Since Nixon every administration has fudged the formulas more and more and when that can't be done anymore they exclude this and exclude that. To top things off they put 2 clowns into the (not so) white house. You cant make this stuff up. 

 

Mon, 03/26/2012 - 11:19 | 2291076 SillySalesmanQu...
SillySalesmanQuestion's picture

Just us muppets and the bots...

Mon, 03/26/2012 - 11:19 | 2291070 Everybodys All ...
Everybodys All American's picture

Dallas Fed was given the "cover" to drop it's index with Bernanke out early today. So in the coming days when the Dallas Fed suddenly beats expectations again the stock market can race higher. Get it. Pure manipulation all day and every day.

Mon, 03/26/2012 - 11:19 | 2291073 Christophe2
Christophe2's picture

OT but worth watching and spreading:
http://www.youtube.com/watch?v=nzAWY6LMLZg ("Obama-Pledges-His-Allegiance-to-Her-Majesty-the-Queen")

Do NOT follow this link or you will be banned from the site!