[Please note: the S&P 500 futures have plunged 26 pts from their intra-day high, the Dow briefly went red after opening up over 100 points. This fact confirms my analysis below]
In fact, our entire system is a joke. I see where it’s being reported that the “inquiry” into Steven Cohen’s insider trading will take years. That tells me everything I need to know: the rogue billionaire hedge fund trader has all the right people in all the right places paid off handsomely.
As for today’s employment report, to say I’m nearly speechless over how just absurd it is would be nothing more than social correctness. I hope everyone takes note that 322k of the supposed jobs created were part-time – full-time jobs declined by 240k. I’m not going to take the time to dissect the entire report – you can go to Zerohedge.com for that. It’s really a waste of time to try and analyze fraud. But here’s my thoughts:
Today’s jobs report featured 322k increase in part-time jobs. That would be in the services industry. The same services segment of the economy for which the Institute of Supply Management announced on Wednesday that its employment index plunged to its 2009 level: LINK
Who’s right? The Govt bean counters or the businesses who do the actual hiring? I’ll let you decide.
Please note that new orders per the ISM report plunged to 2008 levels.
Also please note that while the Govt released a number than enables the momentum traders to juice the SPX and hit the metals today, the Govt also made sure that the unemployment rate stayed comfortably above the 7% level and it was actually a bit higher than expected. The 7% level being the number everyone on CNBC is watching to decide if the Fed will really “taper.”
Also note that overnight last night that India and Viet Nam were aggressively buying despite Govt attempts in both countries to curb gold buying.
Let the boys have their fun today with the low volume in all the markets and not many players around, now that the rest of the world has left for the weekend except our British lapdogs. And in a couple hours the Brits will go to their kennels for the weekend.
Next week and over the rest of the summer, it’s going to become harder for the Government to lie about what’s really going on the economy as the evidences of the truth will become more apparent to everyone.