** AM update job losses 621,000 4 week moving avg rises 4,000...some continuing claims dropped off. I have LOST count of how many jobs have been lost this "Recession".....good to see GS get an upgrade.. I have a customer come in and tell me "biz is good...we're hiring 2 people...but there's a SPENDING FREEZE" if companies that are hiring and BIZ is good freeze spending......"2001 Recession was OVER as job losses ROSE to 500,000. LOOK how quickly job losses mounted this "Recession". Should we rejoice when it falls to ONLY 500,000?
from Paul Craig Roberts
..."As monetization of federal debt goes forward, US interest rates will continue to rise, worsening the problems in the real estate sector. The dollar will continue to lose value, making it harder for the US to finance its budget and trade deficits. Domestic inflation will raise its ugly head despite high unemployment.
The incompetents who manage US economic policy have created a perfect storm.
The Obama-Federal Reserve-Wall Street plan for the US to spend its way out of its problems is coming unglued. The reckless spending is pushing the dollar down and interest rates up.
Every sector of the US economy is in trouble. "
Every sector of the US economy is in trouble. "
* What may actually surprise everyone is if the US $ does NOT fall off a cliff....just yet. Gold may be correcting, Europe and the Euro look very weak......$ may stay alive despite the reckless actions of the FED.
More job data this AM, MAY have effect on market action. WILL the 200 EMA provide the resistance to the persistant bear rally?
Will the VIX rise above 32 or fall below 26?
There is guesswork but no safe SETUPS IMHO either side.
SHOULD one CHASE after a bear mkt rally already clocking in 40% gains? When earnings don't back it up?
Recessions tend to be over when markets racked up this kind of gain. Does anyone think this one is over?
D
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