Business Summary Links By Day
Dave’s
Daily: http://www.etfdigest.com ‘DATA EXTRAVAGANZA CONFUSES MARKETS 11-2-12 The employment report came in and it was another surprise.
The number of new jobs was 171K vs 125K expected. At the same time the
unemployment rate rose to 7.9% vs 7.8%. The more curious numbers were the
massive readjustments to jobs added in August (142K to 192K) and September
(114K to 148K). These types of things are unprecedented prompting some like RDQ
Economics to state the gains “are
implausibly high..”. PIMCO’s Bill Gross
merely asserted “structural
unemployment is 10%”. The
under-employment data or U-6 fell slightly from 14.7% to 14.6% which is still
unacceptably high. In 2011 the economy added an average of 151K jobs per month
and in 2012 so far this hasn’t budged much at 157K. Neither of these numbers
can reduce unemployment. Basically unemployment is the same as when Obama took
office. Lost in the data is the number of people whose unemployment benefits
(99 weeks worth) have expired and are now forced to take part time work. These
numbers are lumped-in with Friday’s job data. Worse still incomes continue to decline as noted
by ZH in chart below.
There was
some initial joy and bullish spin to the numbers. Both Obama and Romney camps
spun the data to suit their aims. However I’m reminded of an excellent quote from former Secretary of
State James Baker when describing his Iraqi counterpart Tariq Aziz: “He’s a good diplomat but has
no portfolio”. I’ll let you figure out whom
best to ascribe this to.Factory Orders were released and the headline number
was good (4.8% vs 4.9% expected & prior -5.1%). However, inside the numbers
which algos don’t readily
see, growth was exclusively aircraft orders while business orders came in at
-5%. This continues the theme that corporations are sitting on cash and not
investing in expansion. For them it’s about uncertainty going forward.The people of NY and NJ
are coping and struggling with Sandy’s aftermath. Many people don’t have fuel, power, shelter or food. Things there are tense.
Our son lives in a twin 50 story apartment complex. It has been vacated and no
one is allowed to return to the complex for at least two weeks. They’re in the streets,
returning home if they can find a way out or doubling up with those who have
shelter. It’s a
disaster.Equity markets liked the initial employment data but then second
thoughts crept-in as uncertainty surrounding the election outcome builds. There
is another election on Wednesday which is in (cough) Greece. There the polls
are also quite tight and a loss by the current majority means possibly a Grexit
once again. So, uncertainty atop uncertainty? The dollar (UUP) rallied
sharply early causing gold (GLD) and other commodities (DBC) (USO) (DBB) to
sell-off sharply. Even bonds (TLT) struggled as it seems there’s a rush to the sidelines
overall.Once mighty Apple (AAPL) is nearing bear market levels which would have
been unthinkable just a few weeks ago. Materials (XLB) are “the tell” regarding soft economic
growth since they now telegraph weak industrial demand. Volume was once again light
since many traders are unavailable physically or electronically. Even many HFTs
have been stilled by a loss of power. Breadth per the WSJ was negative…’
Investment Outlook November 2012
William
H. Gross http://albertpeia.com/grossoutlook.htm
Obama
Campaigns In Vegas While Storm Victims Defecate In The Hallways And Rummage
Through Garbage Dumpsters For Food
http://albertpeia.com/obamaseternalcamtheirpain.htm
ZeroHedge.com Submitted by Tyler
Durden on 11/02/2012
Perhaps the reason why AAPL is having
its biggest daily tumble in recent history on the day it officially launched
the iPad mini for retail sale, is because all the people who otherwise would be
waiting in line in front of FAO Schwartz and inhaling the smell of fresh horse
excrement, are doing all they can to obtain gas. Any gas. Because
iHeater, iShower and iFridge just lack that little "oomph" when
dealing with people who are cold, smelly and hungry.
Submitted by Tyler
Durden on 11/02/
The traditional excuse apologists for
America's collapsing labor force participation rate use every month is that due
to "demographics" and retiring baby boomers, increasingly more old
workers are no longer counted by the BLS and as a result, are skewing the labor
force. That's where they leave it because digging into details is not really
anyone's forte anymore. This would be great if it was true. It isn't. And nowhere is
this more visible than in today's jobs report. On the surface, the US generated
a whopping 413,000 jobs (after
generating a massive 873,000 last month) according to the Household Survey in
October. That's great, unfortunately breaking down this cumulative addition by
age cohort confirms precisely what we have said: all the jobs are going to old
workers, who have zero wage bargaining leverage (as they just want to have a
day to day paycheck). To wit:
when broken down by age group, the total October increase shows that of the new
jobs, 10.7% went to those aged 16-19 (source),
11.6% went to those aged 20-24 (source),
a tiny 9.8% went to the prime agr group: 25-54 (source),
and a massive 67.8% went to America's baby boomers: those aged 55 and over (source),
and who refuse to leave the workforce and make way for others.
Submitted by Tyler
Durden on 11/02/2012
Supposedly this is big news, so we
probably have to report it. Just out from the NY Mayor's office:
... and just as the residents of some
NY boroughs were eagerly looking forward to the New York version of the hunger
games.
Submitted by Tyler
Durden on 11/02/2012
From the ECB's Virtual
Currency Schemes, aka the "Bash Bitcoin Boondoggle" (p. 27):
"A Ponzi scheme is an investment fraud that involves the payment of
purported returns to existing investors from funds contributed by new
investors. Ponzi scheme organizers often solicit new investors by promising to
invest funds in opportunities claimed to generate high returns with little or
no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to
make promised payments to earlier-stage investors and to use for personal
expenses, instead of engaging in any legitimate investment activity."
Considering that this elucidation comes from the very same entity that launched
the SMP, LTRO, OMT, EFSF, ESM, oh, and of course, TARGET2, and whose head said
to not short the EUR as there is "no risk" whatsoever in holding said
currency, one would expect that this definition is absolutely spot on...
Submitted by Tyler
Durden on 11/02/2012
What a roundtrip! After
starting off November with a bang, and after nearly retracing all October
losses in the aftermath of the NFP headfake in less than 2 trading sessions, the
S&P futures literally imploded, and dropped 23 points from the intraday
high, the same distance traveled as it crossed yesterday, only to the downside
and on very strong volume for the second day in a row. While the 1400 support
in ES is once again in play (ES closed literally on the lows of the session at
1405.5), as we suggested earlier, the far more ominous news is that the AAPL
bubble appears to have popped (but, but, it is so cheap on forward multiple basis: guess what - forward
multiples are based on forward earnings, which may very well
never materialize! and thanks to the dividend, not even AAPL's cash hoard
is the bastion it one was) and is now close to entering bear market territory,
down just shy of 20% from its all time highs of $705.07 hit on September 12.
Now with the 200 DMA taken out, the next support is the 20% retracement from
the high which is at $564. After that it is freefall for a long time as a very
deep gap needs filling. It is unclear just how much of the selling was there to
cause max pain for Dick Bove and Rochdale, for whom every tick lower in the
stock means a bigger margin call.Finally, news hitting literally seconds ago
that MSFT may be launching its own phone if its partner strategy falters, means
there go even more margins.
Submitted by Tyler
Durden on 11/02/2012
When the hits just keep on coming:
Submitted
by Tyler Durden on 11/02/2012
Moments
ago AAPL broke the 200 DMA. Whether or not this was due to the earlier news
from Rochdale getting caught with its pants down, and supposedly losing tons of
money due to a rogue trader "buying" the stock as its proceeded to
tumble from its all time highs less then 45 days ago (during which time it has
lost more than 10 years worth of dividends in market cap), is unclear. What is
quite clear, is the moment when the general market realized what had just
happened. Sure enough, the jobs number came and want, and ES largely faded that
move in under an hour. It remains to be seen if a technical indicator for the
world's most widely held stock is more important to the general stock market
than how many 60 year old workers the US economy added in October. Oh, and as
for that whole iPad mini launch spectacle? Sorry. Time for the iPad Mini Magnum
launch... or maybe even the maxiPad.
Submitted by Tyler
Durden on 11/02/2012
Latest U.S. bank failures take 2012 tally to 49
Food
Stamp Growth 75X Greater than Job Creation
Weekly
Standard | Ranking member of the Senate Budget Committee: “76 people
went on food stamps for every one that found a job.”
New York
Looting: Reminder of Bank Bailouts
gather.com |
Hurricane Sandy does not come as a shock in a society not without entitled
losers with no concept of property rights.
Boston
Fed Chairman Calls for More Inflation, Even If It Doesn’t Help Economy
Thomas
R. Eddlem | Rosengren said he wanted the Fed to follow the current open-ended
policies at least until unemployment levels fall below 7.25 percent, though
possibly even beyond that marker.
Citi
Currency Analyst: Here’s The ‘Biggest Political Risk’ In The World
Business
Insider | The latest CitiFX Strategy Weekly note is out, laying out the big
issues for currency traders right now.
America
has devolved into a fast-expanding welfare state, quickly surpassing $1
trillion a year
Natural
News | When people say that America “is the land of the free,” they aren’t kidding.
Looming Tax
Hike Motivates Owners to Sell
Wall
Street Journal | A looming increase in the capital-gains tax rate next year is
fueling sales of some privately-held businesses.
AP Business
Highlights
...Yahoo Market
Update…
http://albertpeia.com/archives.htm
FBI Nazi
Bikers Bust FBI Nazi Bikers - What's Up At The FBI/DOJ?
Infowars.com | Now is the time to put an end to Obama’s
treasonous and tyrannical behavior.
http://albertpeia.com/impeachobama.htm
Wobama’s
Choom Gang Bangin’ { This brief video (11 mb) is well done and worth a
watch! }
http://www.albertpeia.com/wobamaschoomgangbangin.wmv
PAPER:
Obama's grandfather tortured by the British? A fantasy (like most of the
President's own memoir)... {
http://albertpeia.com/wobamaschoomgangfantasy.htm }
Drudgereport: Obama: 'Sometimes I Forget' Magnitude of Recession…{
Oh! How conveniently forgetful, though the vast majority of americans don’t
have wobama’s luxury of feigned amnesia suffering from what wobama did and
didn’t do contrary to promises last time around the perpetual campaign trail
littered with his typical jive-talking b***s***! The following headline will
help him remember some of his sordid, pot-clouded high school past! }...
FLASHBACK: Obama's Sordid High School Past...
By Ben Shapiro ‘While the Washington Post has been diligently
digging into relatively innocent high school pranks
by Mitt Romney, they’ve spent the last few years diligently ignoring President
Obama’s far more controversial high school days.Obama, by all accounts, was a
habitual drug user in high school. He tried cocaine, he admits in Dreams
From My Father; he “tried drugs enthusiastically.” The Chicago Tribune
reported back in 2007 that Obama thanked the “Choom Gang” in his high school
yearbook; “chooming” was Hawaiian slang for smoking pot. The Honolulu
Advertiser reported that Obama’s senior portrait “prominently displayed …
A package of ‘Zig-Zag’ rolling papers and a matchbook.” One of Obama’s close
friends was arrested for drug possession during high school.In his memoir,
Obama talked about routinely getting high. “Junkie. Pothead,” he wrote. “That’s
where I’d been headed: the final, fatal role of the young would-be black man.”
But, according to Obama, he only got high because he was contemplating deep
matters: drugs could “push questions of who I was out of my mind.” Obama told
students in 2007 that this activity constituted “goofing off” and “wasting
time”:"I will confess to you that I was kind of a goof off in high school
as my mom reminded me," Obama said. "I went to high school in
Cracks
in the Washington Post story on Romney’s ‘pranks’ emerge
Correction
Request: Washington Post Uses Falsehood in Romney Hit Piece
Media
Downplays Obama's Past, Tries to Define Romney with Teen Prank
If we're going to delve deep into a candidate's past, let's delve deep into a
candidate's past. Here's Obama in his own words admitting to physically shoving
a little girl named Coretta. Yes, it was at this moment that the first
shot in the War on Women was fired.
http://albertpeia.com/obamashovesgirl.png
No doubt that after expending all that energy
bullying an innocent little girl, young Obama readied himself for round two by
eating a Golden Retriever. More on this breaking story here.If
you're wondering what the rules are regarding a candidate's past; how far back
we're allowed to go in an attempt to define them -- the answer is simple: the
corrupt media will let us know.
Obama WILL NOT pursue gay marriage as part of party
platform...
STONE: 'Playing a
cruel and cynical game'...
Unites Republicans?
New Black Panther Niggers Plan Newspaper Cover With
Zimmerman In Noose { and civilized people everywhere should respond with
niggers in nooses and contributions to the Klu Klux Klan! } ...
LOONEY CLOONEYLAND: BIG CAMPAIGN BOXOFFICE FOR NIGGERO
– Meanwhile, looney clooneyland ain’t doin’ so well with the niggero model –
see next headline! ...
Failed Wobama model illustrated: 16 Reasons To Move Away From
Postal Service loses $3.2b in first quarter...
78% of
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{ some prior links of current
interest }
