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Goldman With The Spin On The Services ISM Miss

Tyler Durden's picture




 

Because we still do have (faltering) economic data in addition to all the rumors out there.

Slower Growth, More Jobs

BOTTOM LINE: Slightly weaker news on nonmanufacturing business activity, with slower activity but more jobs. Factory orders a touch better than expected

KEY NUMBERS:

ISM non-manufacturing 52.9 for October vs. GS 53.0, median forecast 53.5.
Factory orders +0.3% (mom) for September vs. GS -0.4%, median forecast -0.2%.

MAIN POINTS:
1. The nonmanufacturing ISM index eased to 52.9 from 53.0, a bit weaker than expected. Both the business activity and new orders indexes fell sharply, although in both cases these declines were mainly a reversal of unexpected gains in prior months. Counter to these declines, the employment index recovered substantially from 48.7 to 53.3, the best reading since June. Overall, we view the news as just slightly weaker than expected.

2. Factory orders rose slightly in September, against expectations of a slight decline. Some of this was due to an upward revision to durable goods (including the core nondefense capital goods ex aircraft series).

 

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Thu, 11/03/2011 - 10:47 | 1841303 Spastica Rex
Spastica Rex's picture

MAIN POINTS:

1. Buy stocks; they can only ever go up long term.

2. Goto 1.

Thu, 11/03/2011 - 10:53 | 1841368 mayhem_korner
mayhem_korner's picture

 

 

Dood on CNBC saying Dow 100,000:

http://www.cnbc.com/id/45144259

Thu, 11/03/2011 - 10:59 | 1841430 YesWeKahn
YesWeKahn's picture

I don't doubt about it, Bernanke will print additional 3000 trillion before he finally die in hell.

Thu, 11/03/2011 - 11:04 | 1841462 Temporalist
Temporalist's picture

That is 3 quadrillion.  He will just print 3 One Quadrillion dollar bills and fix this in 15 minutes.

Thu, 11/03/2011 - 11:31 | 1841649 Whatta
Whatta's picture

can they break a quadrillion dollar bill down at the Kwickie Mart? I mean this year, not next year....may be able to by then.

Thu, 11/03/2011 - 11:00 | 1841432 the grateful un...
the grateful unemployed's picture

buy cash, M1 money supply is parabolic!

Thu, 11/03/2011 - 12:13 | 1841877 GeezerGeek
GeezerGeek's picture

Goto? How quaint. Haven't seen one of those is a long time.

The preferred code now is:

While (1 == 1)

{

   Buy Stocks();

}

Thu, 11/03/2011 - 14:17 | 1842497 patience...
patience...'s picture

More like

 

Do

{

Buy Stcks();

}

While(The Bernak is suicidal);

 

 

 

Thu, 11/03/2011 - 10:47 | 1841308 nobusiness
nobusiness's picture

What is spiking the market now???

Thu, 11/03/2011 - 10:48 | 1841323 NEOSERF
NEOSERF's picture

Likely that the referendum is scrapped and everything is A-OK in Europe...Obama is at the G-20 so things will be fine...

Thu, 11/03/2011 - 10:53 | 1841364 luna_man
luna_man's picture

Remember...Bernac said he had two more tricks, I mean, tools up his sleeve!

Thu, 11/03/2011 - 12:15 | 1841893 GeezerGeek
GeezerGeek's picture

Careful with your wording. In journalism, if a story is 'spiked' it means it is killed. Or is the market expiring and I just didn't notice?

Thu, 11/03/2011 - 10:51 | 1841343 mayhem_korner
mayhem_korner's picture

 

just slightly weaker than expected

Same was said about the Fukishima containment vessels.

So today's print is a weak ISM service sector and yesterday was that the service sector was 90% of new payrolled jobs.  Looks like the service sector has been flooded with non-productive BofA dropouts and such.

Thu, 11/03/2011 - 10:53 | 1841371 TooRichtoCare
TooRichtoCare's picture

MF Global and Jeffries merging with the National Bank of Greece, and then being purchased en-masse for $1 by Jamie Dimon....but only their assets, not any of their liabilities.....and their buildings and other real estate get valued at zero....and their employees now have to work for JP Morgan for free & without benefits....

Thu, 11/03/2011 - 10:56 | 1841391 Caviar Emptor
Caviar Emptor's picture

Earlier data this morning: unit labor costs plunge -2.4% as non-farm productivity soars 3.1%

These are big numbers which indicate big underlying weakness in labor markets, and acceleration in the downward trend in median income. 

The trends have been set and are beginning to pick up. Consumer to get crushed. 

Thu, 11/03/2011 - 11:14 | 1841533 SheepDog-One
SheepDog-One's picture

Crushed up consumers make excellent tank track grease I hear.

Thu, 11/03/2011 - 10:59 | 1841419 Racer
Racer's picture

'Real' data that is bad? Must be very very bad in reality then.

Affect the 'markets' ? No not a bit... letting a bit of reality in between the fake rumours? Not a chance. HFTs wouldn't understand that

Thu, 11/03/2011 - 11:06 | 1841473 LongSoupLine
LongSoupLine's picture

Goldman Bottom Line: We adjust "expectations" to psychological levels way out of wack with reality.  These expectations are manipulated in accordance to the data we receive waaayyyy ahead of anyone else because we own your sorry fucking loser middle-class asses.

Thu, 11/03/2011 - 11:17 | 1841528 SheepDog-One
SheepDog-One's picture

Even 'servant based' US economic model collapsing.

Keep 'spending', at least on the right things....everyone got their 'Anarchists Cookbook' copy yet? Consume one for the coming days.

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