Jobless claims up 13K to 336K, but that's the lowest in five years average
You can drown in 2 inches of water, but the analysts spin anything to keep the party going. Silver makes a bet the tapering is off, smoke em while you got em, it's up 1.5% down the next, a trader's paradise. I wouldn't touch long term (without selling covered calls) with a ten foot Lithuanian.
mho but taper on or off has only short term effect on metalsprices.. Jobless claims or jobs created are already well understood by the public, Companies remain in defense mode, the consumer is avoiding retailers, many people are on gvt assistance rather than low paying jobs.
This wont change due to Fed ANYTHING "Its the economy stupid" this is the driver. And the pm market may only just be getting started.
The fact that jobless claims rose this week was not good, and the market knows it.
The markets can get "smoked" for a while, but they quickly learn to see through the fog.
They know participation rate sux. They know more and more of the job creation are part time.
So it's clear to me, "tapering" is now being baked in.In fact, the market wants to know how much tapering? Problem is, they may wait until Nov or December with these kind of numbers and the next 2 mos housing numbers.
Furthermore, China's flash mfg index of 50.1 was a big upside surprise.
That's also laughable as everyone already knows they started the model we are following in terms of data manipulation.
They're the best,and yet, when they report good data,the markets react.
Who do we all believe?
Uncle Sam or Mao?
Gives new meaning to the saying "Now who's your daddy"?
There is absolutely no way that they can back away from funding government largesse be it social programs or warfare. It simply isn't going to happen regardless of the hyperbole and innuendo used to tweak the markets for fun and profit. They have painted themselves into a corner with paint that will never dry. They are now forced to continue the monetary pollution until the machine fails because of it's own weight. The die is cast.
Rule #1: Do not believe anything that government says. Most Americans need constant reminder of this as they slip easily back into trusting that which has a proven track record of lies and deceit.