With the glut (sarcasm) of jobs "overwhelming" at 175K last Friday, (should be closer to 550K with our working population quadruple the 70's) everybody dashed out of silver Friday--this week they creep back. JOLTS job opening increases will baffle--unless as I fear, the jobs listed in the ethernet are there for show, not go. Many say "filled" before they hit the airwaves. What if, they're like silver ETF? Nonexistent digitware draining off concern for lack of decent jobs, the same way SLV and GLD drain off need for real physical by fabricating exploding supply against a ballooning demand, the only reason silver isn't $100, you can get silver colored paper and fool yourself into thinking you're investing in silver all overdeplaybzz.
The excuse baby it's cold outside is even getting to Yellen and the GIC (gentiles in charge) who now mumble fearfully, uh, what if it isn't the weather that is holding back hiring, and retail, and all that hope a dope driving the market. Is it time for a "healthy" correction? Here, bend over, I am certified healthy.
GLWT, and watch that MBA index. Tanks for everything.
Mar 11 10:00 AM Wholesale Inventories Jan - NA NA 0.3% -
Mar 11 10:00 AM JOLTS - Job Openings Jan - NA NA 3.990M -
Mar 12 7:00 AM MBA Mortgage Index 03/08 - NA NA 9.4% -
Mar 12 10:30 AM Crude Inventories 03/08 - NA NA 1.429M -
Mar 12 2:00 PM Treasury Budget Feb - NA NA $203.5B -
Mar 13 8:30 AM Initial Claims 03/08 - NA NA 323K -
Mar 13 8:30 AM Continuing Claims 03/01 - NA NA 2907K -
Mar 13 8:30 AM Retail Sales Feb - NA NA -0.4% -
Mar 13 8:30 AM Retail Sales ex-auto Feb - NA NA 0.0% -
Mar 13 8:30 AM Export Prices ex-ag. Feb - NA NA 0.2% -
Mar 13 8:30 AM Import Prices ex-oil Feb - NA NA 0.3% -
Mar 13 10:00 AM Business Inventories Jan - NA NA 0.5% -
Mar 13 10:30 AM Natural Gas Inventories 03/08 - NA NA -152 bcf -
Mar 14 8:30 AM PPI Feb - NA NA 0.2% -
Mar 14 8:30 AM Core PPI Feb - NA NA 0.2% -
Mar 14 9:55 AM Mich Sentiment Mar - NA NA 81.6
Looks like China and Pukin's Russian invasion of Gabbogglestan take the cake, as stocks totally independent of that nonsense dive along with the rest--but not SLW which is running counterpoint to the POS--I mean take GOOG for example, which has no relations whatsoever to the nonsense overseas--it kicked back 1.5% for no reason whatsoever.
(Don't worry about the Russian invasion, Merkel has categorized Pukin's invasion as "catastrophic"---woo-hoohoohoo--that ought to have him quaking in his borscht. Meanwhile, back at the ranch, 14 March PPI will be meaningless, and the one Michigan sentiment (I wish I lived in Hawaii and not Michigan, brrrr, it's COLD here) will also be overshadowed as we wait with baited feted breath for the Sunday vote as to whether Gabbogglestan goes Russian or stays with the whooping Ukraines--which used to be an endangered species as you know.
Next week the FOMC foams at the mouth, supposedly walking away from numerical goals like 6.5% unemployment, to more esoteric concerns--like, the fact that most of the jobs created wouldn't make summer between semester make work for drunk teenies.-- Quality not quantity will allow them to keep the fires of printing presses going indefinitely--but, smart as that might appear to some--tapering will continue to punch more holes in the concrete stock balloon, without Pukin's help.
All the pundits are out touting a 15% year for the S and P. More days like today 13 March, which way will be problematic.
Both continuing and current jobless claims fall, but some juryrigging of the previous released number up, is involved. I wonder what happened to baby it's cold outside, and the fact that report for report, we have 350K claims against 175K jobs. What am I missing about this "recovery"? How do you go one step forward and two steps back, and call that an upward march?
Cannabis is hot however, in states that make that crop legal. Smoke em if you got em, silver is off 1/3% on all this "good" economic news.
Claims and cars marks Thursday the 13th. Claims is fresh, so baby it was cold outside, but claims has been floating around 350K, but jobs only 175K so--a staggeringly slight dip in claims MAY happen. Retail sales, more baby it's cold outside excuses. But what is interesting is the see saw market, sells off, but an hour later the programs kick in, up she goes, and then it's a mess by the close. I don't see conviction here, not in the market, or of banksters (couldn't pass that up). Feels like a rollover to me.
Silver takes a breath tonight, but that too needs follow true of today's pop, as my coach used to say.
MBA declines another 2% as mortgage appliers can't figure out how to buy $400,000 homes on $25,000 a year part time Micky D jobs--and that is where the "growth" is going to come from, no matter how much the Fed prints to keep mortgage rates down--and printing less and less, is three years premature. It not only halts our zombie economy in its tracks, reproducing Japan circa 1989. No wonder the "Walking Dead" is so popular.
Silver up a 1/4%. Futures down 1/3rd% the general market. Can you say peaky and antsy boys and girls?
MBA mortgage index will flounder, baby it's cold outside is getting baby it's old outside, and when does global warming, which melts ice caps, creating extreme cooling, get to be something that isn't an excuse but has to be cranked in market prices for stocks in the general market? Where IS the catalyst for more market upside?
Silver is recovering another 3/4% in the wee hours. Folks are drifting back into protective sentiment.
Goog appears stalled, and if 1230 is the top there, where is the upside for the general market. Drillions of ETF etc own that 30 PE stock headed for a stock split in April. Just in time for go away in May.
I'm nervous, but hey, I am always nervous.
Ready for a JOLT PM this AM? Jan numbahs touted, baby it's cold outside gets another pass. Up and the market takes off, it's flat in wait and see mode. Silver buys plus 1/2% in wee hours. Have fun.
JOLT holds steady, few more in, less out, baby it's cold outside is the excuse. Market flabby, still hissing air, no relief insight. Silver backs off the high by half. It's the yeah so what trade or trader's delight, if you like.
It's a no macro economic news Monday, the 10th, and I can't figure out the days of the week, as the dates should have been 10-14 March this week's babbling. Am I nervous, making obvious mistakes? You bet, the market at the fringes hasn't made sense in two months, perched like Wiley Coyote, legs pumping furiously over the abyss, everyone claiming, well, yeah, the economics stink because baby it's cold outside. So adroitly, even Yellen has made the cold excuse for lousy economic numbers a "yeah, sure" issue. Claims up 350K, jobs "up" to 175K, which should be closer to 300-500K given our working population is four times as large, as when 300K signaled boom times. 175K forward, 350K back, what is this, the answer to the old joke, how to you advance when losing every week? VOLUME?
Silver and futures are down half percent this morning, worse, if world issues matter, why isn't the Nasdaq or Russell 2000 going higher while the DOW and S and P 500 sinking, the latter being so much more related to international business? I'll tell you why, because the market, so often irrational, is now nutso with a vengeance.
I wrote calls against my silver holdings last week. Maybe I ride this into the swamp, but SLW looks peaky in this range, and relations to silver are still iffier than ever.