Waiting for Employment Numbers (aka Waiting for the Monthly Fiction Report)
By: Tim McPartland,
Another day of watching crooks and thieves (everyone pushing markets around–legally or illegally) move the markets around makes one very skeptical of all activity in stock and bond markets. While we are benefitting from the upward movements we would be more than happy to see movements of 1/3rd the current levels. If you have time to sit and watch the tick charts of the S&P 500 you would see movements, up and down, of 3, 4 or 5 S&P points that look really suspicious. If one were a high frequency trader I am sure one would be having lots of fun. To me the best remedy is to turn off the computer and the TV–the ‘free money’ in the global economy has all asset values pretty well screwed up. What the hell is going to happen when a loan actually has a cost?
Tomorrow we get the monthly employment report. While we take this with a very large grain of salt one still has to pay attention because the crooks and thieves will find a reason to blow the lid off markets. Remember the times when good employment numbers drove the 10 year treasury yield higher while slamming stocks because ‘rates were heading higher’? Remember the times when good employment numbers would drive interest rates higher and the stock market higher because ‘good times are here’? So no matter whether the employment numbers are ‘good’ tomorrow or not no one knows what stocks and bonds will do. The mainstream press will, in hindsight, make up a story (reason) for whatever happens—they are simply complicit with the crooks and thieves–I mean really they interview them all day long how could they call bullshit on what is occurring.
The employment numbers are really of no consequence tomorrow–just a ‘reason’ to move markets. The real story is being made in Greece–there is less than zero chance they will ever repay $350 billion in debt and the new government in Greece may simply say screw you to the EU. Just like with QE the Europeans sure seem to like to drag out the inevitable–just rip the damned bandage off and get on with it!! Who the hell lent Greece the money in the first place? Let the haircuts begin!!