Rogers has been saying the same thing for the last ten years, he puts people to sleep because like a stopped watch, eventually he'll be right as he was lucky to guess correctly in the 70's.
Take your meds, a bang up quarter just reported, no news for the next three months just hope for stability.
You want income, sell covered call options every couple weeks.
Yo Sharpster--the other name for Workers is Customers--don't pay them enough to buy what little there's left they produce? Best hope exports carry the country and the rest of the world buys what little we do make--which up to now, is big ticket items in Defense and things like airplanes. But don't tell that to Boeing--they're getting to open up a plant in China--all they have to do is surrender all their century long how-to-manufacture data to the Red Chinese.
See how that is working? No? Me neither. Now it's back to the job. You want biggee fries with that burger?
Expect a runup to 4 July, but good news is bad news, vice versa, and the economy, is trash city per GDP figures previous week. Yellen thinks food and fuel inflation are "noise". She's right, the noise outside her window is everyone asking for her head. Still, siphoning joe's money from corporations charging too much for Chinese produced goods and giving it to banks doesn't help joe, he just gets a new slave owner, which is the real charter of the Fed per Jefferson. Thomas, not incumbent George Jefferson, whose idea of movin on up is a management job at White Castle. Half of America can't pay taxes, 21% of America is underwater in bloated mortgages-- Yellen has to induce 20% inflation next few years to reflate real estate values to give us the illusion we're getting well--same way the govt "pays" off the debt with degraded dollars. In debt we trust, see how that works? It all has a silver lining tho.
Jun 30 9:45 AM Chicago PMI Jun - NA NA 65.5 -
Jun 30 10:00 AM Pending Home Sales May - NA NA 0.4% -
Jul 1 10:00 AM Construction Spending May - NA NA 0.2% -
Jul 1 10:00 AM ISM Index Jun - NA NA 55.4 -
Jul 1 2:00 PM Auto Sales Jun - NA NA 5.7M -
Jul 1 2:00 PM Truck Sales Jun - NA NA 7.7M -
Jul 2 7:00 AM MBA Mortgage Index 06/28 - NA NA -1.0% -
Jul 2 7:30 AM Challenger Job Cuts Jun - NA NA 45.5% -
Jul 2 8:15 AM ADP Employment Change Jun - NA NA 179K -
Jul 2 10:00 AM Factory Orders May - NA NA 0.7% -
Jul 2 10:30 AM Crude Inventories 06/28 - NA NA 1.742M -
Jul 3 8:30 AM Nonfarm Payrolls Jun - NA NA 217K -
Jul 3 8:30 AM Nonfarm Private Payrolls Jun - NA NA 216K -
Jul 3 8:30 AM Unemployment Rate Jun - NA NA 6.3% -
Jul 3 8:30 AM Hourly Earnings Jun - NA NA 0.2% -
Jul 3 8:30 AM Average Workweek Jun - NA NA 34.5 -
Jul 3 8:30 AM Initial Claims 06/28 - NA NA NA -
Jul 3 8:30 AM Continuing Claims 06/21 - NA NA NA -
Jul 3 8:30 AM Trade Balance May - NA NA -$47.2B -
Jul 3 10:00 AM ISM Services Jun - NA NA 56.3 -
Jul 3 10:30 AM Natural Gas Inventories 06/28 - N
I completely blew it. I thought terrible news on the GDP front would decimate the market, just the opposite happened. Folks obviously believe, the worse the economy gets in the real world, the more the Fed will crank up the printing presses. I made no new bets, but juggled options I sold against my holdings a bit, and cranked out a 1.2% profit being long and hedged, for the day, I was AMAZED and hovered over shorting some of my favorite losers but never, wisely, or in this case, luckily, pulling any triggers.
Not only are the insane in charge of the institution, they nap through hurricanes and tornadoes Un-Employment figures are up for grabs this morning as are payrolls, which in my mumbling opinion, will show smaller numbers as joe continues to take part time jobs, and salaries across the board whither in the face of inflation in food and fuel Yellen calls "noise".
Not that she can do anything about it--raising rates just gives us a new payee--the banks, instead of corporations producing nonessentials like food fuel and clothing etc. See how that works? No? Me neither.
But expect bargain hunting for sure.
Jun 25 8:30 AM Durable Orders May -1.0% 0.5% 0.4% 0.8% 0.6%
Jun 25 8:30 AM Durable Goods -ex transportation May -0.1% 0.5% 0.4% 0.3% 0.1%
Jun 25 8:30 AM GDP - Third Estimate Q1 -2.9% -1.8% -1.8% -1.0% -
Jun 25 8:30 AM GDP Deflator - Third Estimate Q1 1.3% 1.3% 1.3% 1.3% -
All four indicators 0830 26 June down massively. Looks like a triple digit downer for today's market, but silver recovered nicely, so far, from 3/4% selloff overnight and is now flat.
That's an achievement, considering the #$%$ economic figures.
America has been on the decline since the end of WWII. And just in case you accidentally wander into a voting booth one day, there are some things you should know, and one of them is that there is absolutely no evidence to support the statement that the US is still the greatest country in the world. We're seventh in literacy, twenty-seventh in math, twenty-second in science, forty-ninth in life expectancy, 178th in infant mortality, third in median household income and dropping, number four in labor force and 1/3rd improvement since 2008 is in part time Micky D style jobs, and we're number four in exports. We lead the world in only three categories: number of incarcerated citizens per capita, number of adults who believe angels are real, and defense spending, where we spend more than the next twenty-six countries combined, twenty-five of whom are allies not pulling their own weight. None of this is the fault of today's kids but, unless they reverse course and get us off the paper standard for money, they will go down as--without a doubt, a member of the WORST-period-GENERATION-period-EVER-period.
So when you disdain commodity investments like hard tack silver and gold the only investment worth considering, I don't know whatthephukkk you're talking about?!
Yosemite?!!! (With apologies to "Newsroom" circa 2012)
21% of America is under water, so those looking for existing homes have such a tight market, not only will interest rates have to be kept arbitrarily low forever, new homes come in to fill the gap.
Housing is key, to understanding nothing about the stock market except builders, which is so 1948. Still, even bigger fools in the market have to take a breather.
Existing home sales shows a slight increase as looky loos come off the shelf thinking, this may be the last summer that loan rates are low, and the last of the cash buyers plays the game before they are all cashed out. The market doesn't like that one bit, but the silver and gold folks see the handwriting on the wall, the days of easy homeowner sales depends on joehomeownertoB having the creds and the higher paying jobs to carry the mortgage--it aint there, the lower end of the housing spectrum that usually leads the way, ain't there, it's the upper end getting farther and farther out of reach.
But silver and gold is screaming, and SLW is too, so there is a silver lining.
Hey! That's pretty catchy? (Barf)