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Durable Goods Big Miss -4%, Expected -1%, Biggest Sequential Drop Since January 2009

Tyler Durden's picture




 

And so the transition to the QE3 "economic disappointment" regime begins. Because after the ECB is done with the LTRO it's over for global QEasing, and the Fed is next. Remember- Bernanke's semiannual testimony to Congress is tomorrow. Whatever will he say....

  • Headline Durable Goods plunges from +3.2 to -4% on expectations of -1%
  • More painfully, Durable goods non-defense ex aircraft down a whopping -4.5% on Exp of -1.3%, down from +3.4%.

Digging between the numbers, via Bloomberg:

  • Decline in shipments of non-defense capital goods, ex. aircraft, suggests “weak business investment” for 1Q GDP report, says Bloomberg economist Rich Yamarone  
  • Overall decline "mostly" due to contraction in civilian aircraft orders, "slightly" slower pace of new motor vehicles bookings, defense orders, says Bloomberg economist Joseph Brusuelas   
  • Slowdown ex. transport "consistent with the broader slowdown in growth in industrial production"  

And a recap from Stone McCarthy:

January new durable goods orders were reported down 4.0%, following a slight upward revision in December to up 3.2% (previously +3.0%). The January performance was below most expectations, and reflected widespread softness across components, not just the expected drop in transportation due to a decline in civilian aircraft orders. Although the fall in new orders was steep, it was also after two months of solid gains. Since these numbers tend to see-saw from month-to-month, a one-month decline is should not be worrisome. Strong orders for civilian aircraft in February are likely to boost the next month's report.

 

Expectations in a Bloomberg survey centered for a 1.0% decline. Estimates fell across a range of down 4.3% to up 1.5%. Our forecast was for a decline of 1.8%.

 

Transportation orders were anticipated to fall in January due to fewer civilian aircraft orders. Boeing reported 150 new orders for the month, which was a drop of 137 from the prior month Overall orders for transportation equipment were down 6.1%, with declines of 19.0% in nondefense aircraft and 5.6% in defense aircraft. Motor vehicle orders rose 0.9%, reflecting the steady demand for new autos and trucks.

 

Nonetheless, new orders excluding transportation were still down 3.2%. There were notable declines in primary metals (-6.7%), machinery (-10.4%), computers (-10.1%), and electrical equipment (-1.9%). With the exception of computers, these were all higher in the prior two months, so this is consistent with the direction of total new orders. There was a modest gain of 0.7% for fabricated metals and communications equipment of 1.4%.

Visually, this is the biggest decline since January 2009.

Source: Census Bureau

 

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Tue, 02/28/2012 - 09:36 | 2203351 ShortTheUS
ShortTheUS's picture

Let's pare some gains, bitchez!!!

Tue, 02/28/2012 - 09:37 | 2203356 slaughterer
slaughterer's picture

Op robo-kill entering phase 2 now. 

Tue, 02/28/2012 - 10:13 | 2203502 TruthInSunshine
TruthInSunshine's picture

This isn't possible.

The Geithner, Brian Wesbury, Warren 'Taxpayer Buffet' Buffett, Mark Zandi, Barton 'Smally' Biggs, Joe LaVorgna, Abby Joseph/Sacha Baron Cohen, and the real legends of prognositication, James Altucher, Joe Wiesenthal & James Glassman all said so.

Recovery Summer 3.0?

Tue, 02/28/2012 - 10:13 | 2203528 Sudden Debt
Sudden Debt's picture

 

 

It would have....

 

It should have...

 

but it didn't....

THAT DAMNED WINTER!!! DAMN YOU SNOW!! DAMN YOU WIND!! DAMN YOU SHUNSHINE!!!

Tue, 02/28/2012 - 10:58 | 2203749 krispkritter
krispkritter's picture

Recovery Bummer 3.0?  IT spending seems off across the board with my clients.  Locally(FL Suncoast) businesses that produce for the Global market are either hiring or expanding manufacturing out of the local airport park but two other small businesses in the medical and electronics areas shuttered in the past 4 months. What equipment clients are buying they are asking me to source it used as so much is available on the secondary market. I don't see much of anything happening in my area that looks like a Recovery.  And food and gas along with animal feeds are up significantly which hurts alot of locals. People are giving away livestock or abandoning it if you look at CL.

Tue, 02/28/2012 - 10:15 | 2203538 midtowng
midtowng's picture

I'm sure this is bullish for some reason that I haven't figured out yet.

Tue, 02/28/2012 - 10:42 | 2203683 I am more equal...
I am more equal than others's picture

Its a durable depression.  Onward and upward because those inflated dollars mean ever increasing profits.  Right?

Tue, 02/28/2012 - 09:39 | 2203357 bdc63
bdc63's picture

Nothing to see here .... move along .... get your sunglasses out 'cause our future is bright ...

Tue, 02/28/2012 - 09:41 | 2203374 JPM Hater001
JPM Hater001's picture

Call Cramer quick!  I need to know what to short.

Tue, 02/28/2012 - 09:44 | 2203384 schismjism
schismjism's picture

one wonders how much horse shit they will keep telling us about oil speculators causing the high oil prices...    

http://www.youtube.com/watch?v=klvsD9AUSFc

Tue, 02/28/2012 - 09:52 | 2203423 bdc63
bdc63's picture

Keep your shovel handy, 'cause I suspect the answer is A LOT.

Tue, 02/28/2012 - 10:33 | 2203649 ExpendableOne
ExpendableOne's picture

Yes, no doubt manufacturing is contracted out to China....

Tue, 02/28/2012 - 09:43 | 2203389 Gully Foyle
Gully Foyle's picture

How many goods are actually durable these days?

Tue, 02/28/2012 - 10:20 | 2203564 Sir Real
Sir Real's picture

I think they meant "adorable"

Like my new adorable refrigerator that is a piece of #$%.

Tue, 02/28/2012 - 09:37 | 2203358 Cdad
Cdad's picture

Completely "priced in"...in 4...3...2...

Tue, 02/28/2012 - 10:00 | 2203467 SheepDog-One
SheepDog-One's picture

Gotta reach DOW 14,300 for the Emperor...nothing else matters of course.

Tue, 02/28/2012 - 10:07 | 2203493 Caviar Emptor
Caviar Emptor's picture

As long as our headline number looks good, then national pride and security are intact

Tue, 02/28/2012 - 10:13 | 2203524 Chump
Chump's picture

Futures are yawning.

Tue, 02/28/2012 - 09:37 | 2203359 GeneMarchbanks
GeneMarchbanks's picture

Bullish

Tue, 02/28/2012 - 09:37 | 2203360 nantucket
nantucket's picture

so a neg was expected (i beleive some capital investment tax credits expired 12-31-11), but was there anything else we need to weed out of the data or is that miss "clean"?

Tue, 02/28/2012 - 09:42 | 2203378 JPM Hater001
JPM Hater001's picture

There was a stiff wind that hit the east coast and slowed down production.

Total one off.

Tue, 02/28/2012 - 11:01 | 2203565 TruthInSunshine
TruthInSunshine's picture

There will be a statement soon that the previous 1% decline that had been forecasted has been revised down, after the actual release, to a 10% decline, thus making today's 4% decline (i.e. 6% better than the post-release revised forecast) an extraordinarily shocking upside surprise.

We're going to need Greece to ramp up their purchases of our exports.

Tue, 02/28/2012 - 09:38 | 2203361 digitlman
digitlman's picture

Green shoots!

Tue, 02/28/2012 - 09:40 | 2203368 Problem Is
Problem Is's picture

Gangrene shoots...

Tue, 02/28/2012 - 09:38 | 2203363 Cursive
Cursive's picture

Who needs durable goods? If the AAPL model is any indication, nothing should last more than a year or two before requiring an upgrade.

Tue, 02/28/2012 - 10:40 | 2203679 roadhazard
roadhazard's picture

"Would you like to buy a one year warranty with that brand new product?"

Tue, 02/28/2012 - 09:39 | 2203365 AU5K
AU5K's picture

ES ticked down 2.5 pts last tuesday, so this was already well priced in.

Tue, 02/28/2012 - 09:40 | 2203367 Ruffcut
Ruffcut's picture

I love when a recovery comes together. Everbody buy a toaster or something and keep this party going.

Tue, 02/28/2012 - 09:56 | 2203440 Taterboy
Taterboy's picture

My previous toaster didn't make a year. Not to durable.

Tue, 02/28/2012 - 09:41 | 2203372 Atomizer
Atomizer's picture

The road to recovery is going well.

Tue, 02/28/2012 - 10:00 | 2203463 zx12r
zx12r's picture

It's pretty hilarious to me, that the White Hut propaganda machine, AKA: ABC, NBC, CBS, CNN etc. keeps running with stories that disingenuosly proclaim that the economy is indeed recovering, when no one observing the real world buys it for one second. Most people know that reports of the so called recovery, are something to point at and be sarcastic about (like you). If gas prices do reach $5.00 a gallon or more this summer, we will quickly fall into another deeper substratum of recession, if not depression. People will strengthen their already (saving) approach to our economic future. Until Obama is dragged out of office, and replaced with his mirror opposite, the economy will be at risk of unrecoverable status, and most understand that, and are in fear of it.

Tue, 02/28/2012 - 10:03 | 2203479 Cursive
Cursive's picture

@Atomizer

Yes, people are foregoing rent AND a washer and dryer. People ate resorting to a bar of soap and the bathtub or sink.

Tue, 02/28/2012 - 09:41 | 2203375 Clueless Economist
Clueless Economist's picture

After consulting my economics texts, charts, and formulas, I can say with conviction...Rut Roh Raggy....err I mean we need a gigantic stimulus of $5 Trillion NOW.

Tue, 02/28/2012 - 09:44 | 2203385 JPM Hater001
JPM Hater001's picture

Are you sure that's big enough.  Better make it 8...I mean it's only monopoly money after all.

Tue, 02/28/2012 - 09:45 | 2203393 Dr. Engali
Dr. Engali's picture

Hmmm my numbers come out to eleventy trillion. You need to update your models.

Tue, 02/28/2012 - 09:48 | 2203407 mayhem_korner
mayhem_korner's picture

 

 

Eleventy, Bilbo?

Tue, 02/28/2012 - 10:00 | 2203466 LawsofPhysics
LawsofPhysics's picture

My numbers say at least 707 trillion.

Tue, 02/28/2012 - 10:55 | 2203735 boiltherich
boiltherich's picture

Come on LOP, that is a tad high, I mean we can't have any leak out to Main Street lest it trigger inflation that can't be erased from the price stats can we? 

Tue, 02/28/2012 - 09:54 | 2203434 GeneMarchbanks
GeneMarchbanks's picture

Ridiculous, since when is 5 Tril 'gigantic'?

Tue, 02/28/2012 - 10:08 | 2203496 Caviar Emptor
Caviar Emptor's picture

Not anymore it ain't!

Tue, 02/28/2012 - 09:42 | 2203377 Dow 36000
Dow 36000's picture

This means stocks go up...right?

Tue, 02/28/2012 - 09:45 | 2203392 JPM Hater001
JPM Hater001's picture

Correct.  They will also be delivering your Unicorn eggs...I shipped overnight for before 10 AM delivery.

Tue, 02/28/2012 - 09:58 | 2203454 Christoph830
Christoph830's picture

Disagree. Ben needs risk assets (most notably oil) to sell off before he can implement more QE.

Tue, 02/28/2012 - 10:12 | 2203517 mayhem_korner
mayhem_korner's picture

 

 

Ben doesn't need to implement more QE with Dow 13,000 and the ECB printing like mad.  He's doin' his part with the Twist and the discounted currency swaps with Europe.

Very, very difficult for the complex to get oil and PMs tamped down without diffusing the hopium of the equities. 

Big question is whether ISDA lets the CDS underwriters or buyers hold the bag come Mar. 20th...and then how fast is the sinkhole filled with fiat and where do the liquidations come from - equities, commodities, or elsewhere? 

Tue, 02/28/2012 - 10:24 | 2203596 vh070
vh070's picture

Yup, up is the new down.

Tue, 02/28/2012 - 09:42 | 2203379 Scalaris
Scalaris's picture

" Cyclical Trends "

Tue, 02/28/2012 - 11:04 | 2203769 krispkritter
krispkritter's picture

That's the spinning effect introduced by the toilet bowl we're in...there's a goldfish and a dead hamster in here too. Bully!

Tue, 02/28/2012 - 09:44 | 2203388 Dr. Engali
Dr. Engali's picture

It's amazing how these numbers just happen to come in soft or strong depending on what the fed needs for either cover to ease or proof that their policies are working.

Tue, 02/28/2012 - 09:44 | 2203391 mayhem_korner
mayhem_korner's picture

 

 

Sawtooth pattern suggests a lot of "play" in the reported values.  Not sure it helps illuminate reality.

Tue, 02/28/2012 - 09:46 | 2203396 jay28elle
jay28elle's picture

...but the "play" is reality.

Tue, 02/28/2012 - 09:46 | 2203395 otnorli
otnorli's picture

also inflation in germany higher than estimated. im guessing inflation in the whole of euro is now over 2%. when will they care about this? or is the ecb now politically controlled?

Tue, 02/28/2012 - 09:46 | 2203397 Moneyswirth
Moneyswirth's picture

Wait, the USA still makes "durable goods"??

Tue, 02/28/2012 - 09:50 | 2203416 BudFox2012
BudFox2012's picture

Exactly.  I thought we were a post-industrial, service based economy.  Who needs this manufacturing crap anyway.  QE4?, here we come!  (I'm not sure what number we are officially on)

Tue, 02/28/2012 - 09:58 | 2203446 SheepDog-One
SheepDog-One's picture

Yep, give me a hot towel, and a cleanup on aisle 5.

Tue, 02/28/2012 - 09:54 | 2203432 mayhem_korner
mayhem_korner's picture

Wait, the USA still makes "durable goods"??

 

Yes, they are called "Treasury Bonds."  They're nice.

Tue, 02/28/2012 - 10:14 | 2203533 Moneyswirth
Moneyswirth's picture

Ah yes...

Tue, 02/28/2012 - 10:26 | 2203612 vh070
vh070's picture

They'll make a great building material one day.  Insulating.

Tue, 02/28/2012 - 09:47 | 2203398 HD
HD's picture

Like anything real matters. The street will push itself until it collapses...as usual.

Tue, 02/28/2012 - 09:47 | 2203401 gatorengineer
gatorengineer's picture

Blame the Weather.........

Tue, 02/28/2012 - 09:47 | 2203402 mayhem_korner
mayhem_korner's picture

 

 

Silver's got an early chubby goin'.  This is all setting up to be PM a *marg*in ca*ll (algo-proofed), red-turn-green, all is well afternoon.  This report will be a distant memory by 3:01 post meridian EST.

Tue, 02/28/2012 - 09:52 | 2203422 GeneMarchbanks
GeneMarchbanks's picture

It's starting to look like this time last year for Ag. 10% up days are still ahead of us, unless of course Marge and her 'calls'.

Tue, 02/28/2012 - 09:48 | 2203406 bugs_
bugs_'s picture

another useless stat that doesn't measure the micro.  it only measures big government and big corporate expenditures which are tied at the hip with false money.  it is showing that the two are running out of steam.  this is good for the micro which is lost in the big noise in that time series.

Tue, 02/28/2012 - 09:48 | 2203408 miker
miker's picture

Rest assured, the actual number is worse than reported!  The last couple of months of hopium may have started to change ignorant folks' perception of the economy but people with any insight know things are slowing up further.  It will be real intersesting to see what happens with the snapback to reality hits.

Tue, 02/28/2012 - 09:49 | 2203409 Moneyswirth
Moneyswirth's picture

 "slightly" slower pace of new motor vehicles bookings,

So this means Chevy made negative 20 Volts this quarter?

Tue, 02/28/2012 - 10:49 | 2203706 HD
HD's picture

"So this means Chevy made negative 20 Volts this quarter?"

They shorted out.

*crickets chirp*

Tue, 02/28/2012 - 09:49 | 2203412 oogs66
oogs66's picture

guess tax breaks were important as part of last year's growth! 

Tue, 02/28/2012 - 09:53 | 2203418 Kina
Kina's picture

Not related but it is new news:

Charges against Assange drawn up in US, says email


UNITED States prosecutors have drawn up secret charges against WikiLeaks founder Julian Assange, according to a confidential internal email obtained from a private US intelligence company, Stratfor.

In the email, sent to Stratfor intelligence analysts on January 26 last year, the company's vice-president for intelligence, Fred Burton, responded to a media report concerning US investigations targeting WikiLeaks. He wrote: "We have a sealed indictment on Assange."

Underlining the sensitivity of the information - apparently obtained from a US government source - he wrote "Pls protect" and "Not for Pub[lication]".

Read more: http://www.theage.com.au/world/charges-against-assange-drawn-up-in-us-says-email-20120228-1u14c.html#ixzz1ngSC2aWg
Tue, 02/28/2012 - 09:58 | 2203452 Moneyswirth
Moneyswirth's picture

Agreed.  This is very not related...

Tue, 02/28/2012 - 11:24 | 2203869 knightowl77
knightowl77's picture

But but but, he just got nominated Obummer's Nobel Peace Prize...WTF?

Tue, 02/28/2012 - 09:53 | 2203427 DogSlime
DogSlime's picture

We need MORE STIMULUS!

STIMULUS DAMNIT!

Tue, 02/28/2012 - 09:53 | 2203428 MFL8240
MFL8240's picture

Love this recovery!!

Tue, 02/28/2012 - 09:54 | 2203429 the not so migh...
the not so mighty maximiza's picture

Lamedom

Tue, 02/28/2012 - 09:54 | 2203430 SheepDog-One
SheepDog-One's picture

WOW awesome! Why arent futures up at least a couple %?

Tue, 02/28/2012 - 09:55 | 2203436 Moneyswirth
Moneyswirth's picture

Delayed reaction.  We're up 500 points today on the DOW, most gains come after 2 pm.  Just watch...

Tue, 02/28/2012 - 09:54 | 2203431 Moneyswirth
Moneyswirth's picture

Maybe cutting $7000 checks to unionized workers making electric cars that nobody can drive or wants doesn't help the economy.  Just sayin...

Tue, 02/28/2012 - 11:21 | 2203852 Shizzmoney
Shizzmoney's picture

Maybe cutting $5000 checks to unionized workers making electric cars that nobody can afford

Fixed Your Post

Tue, 02/28/2012 - 09:56 | 2203438 Roni
Roni's picture

LET THE PRINTING Bitchez 

start go>>>>>>>>>>>>dow 100000

Tue, 02/28/2012 - 09:58 | 2203448 kito
kito's picture

when it comes to qe3, tyler is like the little engine that could..... i think ben can, i think ben can....sorry tyler, that qe3 hill is a little too much...........

Tue, 02/28/2012 - 10:02 | 2203476 SheepDog-One
SheepDog-One's picture

Heh heh 'QE3'....well as long as they dont mind $7 gas as well!

Tue, 02/28/2012 - 10:15 | 2203539 mayhem_korner
mayhem_korner's picture

 

 

SD, please quote in US gallons, not litres.  Thx.

Tue, 02/28/2012 - 10:00 | 2203460 Undecided
Undecided's picture

Looks like time to get back into the vix..

Tue, 02/28/2012 - 10:00 | 2203468 lizzy36
lizzy36's picture

So that re-shoring of manufacturing jobs is going well then.

Tue, 02/28/2012 - 10:04 | 2203482 SheepDog-One
SheepDog-One's picture

Most all manufacturing is now in the media, making and spreading BS around in a nice even deep layer.

Tue, 02/28/2012 - 10:01 | 2203469 Roni
Roni's picture

I think the dollor will rally for a change witha  -300 printing on DOW

Tue, 02/28/2012 - 10:05 | 2203488 AU5K
AU5K's picture

Really this is simply an anomaly.  It is a non seasonally adjusted figure (fudge factor 1), not to mention labor force participation declines werent considered (fudge factor 2), plus they forgot the normal 'first read' overestimation which later gets adjusted down (fudge factor 3).

Dont forget the weather too.  The weather !!!

As you can see, this number is all bullish when you take everything into account.

Tue, 02/28/2012 - 11:40 | 2203941 VelvetHog
VelvetHog's picture

There's a big winter storm descending from the Rockies on to the Upper Midwest right now.  There's a whole bucket of excuses!  Yay.

Tue, 02/28/2012 - 10:09 | 2203498 The Beam
The Beam's picture

*Start sarcasm* This sure is the sign of a great rebounding economy.

Tue, 02/28/2012 - 10:26 | 2203608 slaughterer
slaughterer's picture

Sure, and Obama will be on screen taking all the credit for it in 3, 2, barf...

Tue, 02/28/2012 - 10:09 | 2203500 Caviar Emptor
Caviar Emptor's picture

Flash CNBS: Durable goods down because world is hooked on disposable goods ..... details to follow (pesky details!)

Tue, 02/28/2012 - 10:10 | 2203501 crawl
crawl's picture

I'm waiting to see if the robots will be buying the ES later this morning,
This news has to be bullish, right?

Tue, 02/28/2012 - 10:14 | 2203530 mayhem_korner
mayhem_korner's picture

 

 

MSM bias alert: as of 9 EST, CNBC had gone to print with articles on the durable goods debacle and the continued housing price slump-a-thon...and neither had a quote from an "expert."  Shocking.

Tue, 02/28/2012 - 10:15 | 2203534 rsnoble
rsnoble's picture

So what will this equate to marketwise? A -50pt DOW drop with full recovery by EOD?

This market is consolidating, just as before. It is making bad news into non-issues and waiting on good news to breakout higher.

Rather it will or not I don't know, but so far nothing has changed.

Tue, 02/28/2012 - 10:16 | 2203545 rsnoble
rsnoble's picture

Be interesting to see if they ramped this thing far too soon in the election and what shananigans "better than expected" bullshit we'll have to endure to keep it going.

Tue, 02/28/2012 - 10:16 | 2203544 SheepDog-One
SheepDog-One's picture

Futures still green proving 'nothing matters' now.  Bernank could climb up on the speech podium and take a huge dump and walk away, and markets would rise 1% on the news.

Tue, 02/28/2012 - 10:16 | 2203546 andyupnorth
andyupnorth's picture

If the price of something goes up 10% on the first day, then down 10% (from the closing price of the day before), then back up 10% (from the closing price of the day before), etc, in perpetuity, does the price:

a) go up

b) stay flat

c) go down

 

Tue, 02/28/2012 - 10:21 | 2203576 mayhem_korner
mayhem_korner's picture

 

 

c)

What's my prize?

Tue, 02/28/2012 - 11:26 | 2203883 andyupnorth
andyupnorth's picture

Your prize is a DOW:Gold ratio of 1:1

Tue, 02/28/2012 - 10:22 | 2203589 dwdollar
dwdollar's picture

If Bernanke creates a Trillion in one night and it all goes to insolvent banks, does inflation happen now or later?

Tue, 02/28/2012 - 10:30 | 2203628 mayhem_korner
mayhem_korner's picture

 

 

Creation of the trillion doesn't cause deflation.  Might defer it via transient inflation, but the deflation is a reset of assets to their values (i.e., insolvency meted out).

Careful with that axe, dw.

Tue, 02/28/2012 - 10:26 | 2203607 dvsteenk
dvsteenk's picture

that would be c, but that's not how the game is played

the real game is: ramp up 2%, then on better than expected news ramp up another 2%, and on worse than expected news let it drop 1% and then squeeze the hell out of shorters to ramp it up another 2%

repeat this every week

then ask your multiple choice question

Tue, 02/28/2012 - 10:20 | 2203557 Moneyswirth
Moneyswirth's picture

The reduction in durable goods orders was huge but I'm sure the actual number was partially offset by orders for Bond Printing Machines, which surely were up exponentially

Tue, 02/28/2012 - 10:26 | 2203605 Cone of Uncertainty
Cone of Uncertainty's picture

All these comments and not one mention of the accelerated depreciation pull forward effect?

You dumb fucks couldn't punch your way out of a wet paper bag with scissors in your hand.

This was a bad number but it wasn't as bad as the headline implied.

Use your heads people.

Bwahahahaaaaaaaaa

 

Tue, 02/28/2012 - 10:32 | 2203638 Miss Expectations
Miss Expectations's picture

What am I wearing?  My Big Miss red dress.  It still fits!

Tue, 02/28/2012 - 10:34 | 2203652 realtick
realtick's picture

As goes durable goods so goes the DJIA - down:
http://chart.ly/9ky9n4l

Tue, 02/28/2012 - 10:45 | 2203681 rwe2late
rwe2late's picture

How is a "defense" durable good distinguished from a "non-defense" durable good?

Is there an "offense" durable good category?

Is a military definition being used, or a political one? Who decides?

Is it logical even? Aren't any "military" durable goods "non-defense"?  Aren't all military goods offensive, whether used for offense or defense? 

And what is implied by "durable"? According to Webster's, durables are consumer goods "typically used repeatedly over a period of years". Is that the implicit expectation for military goods (good or bad)?

Or is "durable defense good" an oxymoron in so many ways?

I need another coffee.

Tue, 02/28/2012 - 10:55 | 2203734 tiwimon
tiwimon's picture

"Remember- Bernanke's semiannual testimony to Congress is tomorrow. Whatever will he say...."

 

I'll hazard a guess that 'transitory' will again be THE word of the day

 

/Maybe he can have econophile talk about how the affect of higher oil/gas prices for the seen are offset by the unseen, its all transitory... [gotta read his article/comments on ZH if you have not]

Tue, 02/28/2012 - 10:59 | 2203753 boiltherich
boiltherich's picture

Hey, do I hear water swirling round faster and faster? 

Tue, 02/28/2012 - 11:08 | 2203790 Platinum_Investor
Platinum_Investor's picture

Good economic news = rally

Bad economic news = rally ( because more stimulus coming )

Only the poor dollar is what goes down continously.

 

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