Thursday, May 05, 2011


NEW YORK (CNNMoney) -- The number of Americans filing for their first week of unemployment benefits surged last week, the government said Thursday.

The number of initial claims rose to 474,000 in the week ended April 30, up 43,000 from the week before. It was the highest level since August, and a big surprise to economists, who were expecting initial claims to drop to 400,000 in the latest report.

OK, can we now drop importance of ANYTHING an economist might have to say? I have been harping things are worse than reported and not what they seem.....SHOULD AT some point the labotimized lemmings rush for the exits....could be brutal.

Trend lemmings continue to get clobbered as OIL off over 43 to $105 area, and Silver continues to slide now around $38.....something is afoot

The 4 week moving avergae for claims is now 434,000 !! this should dispell ANY notion of recovery and make anyone wonder how the stock market has risen for a DOUBLE off the 2009 lows.....well maybe a few are still wondering.... HOUSING DOUBLE DIPS
And this should also dispell any notions of a hosuing comeback and also make any person awake wonder how the banks or anyone HOLDING mortgage backed paper could possibly be lwoering loan loss reserves to increase earnings forecast and also be valuing their portfolio at ANYWHERE near face value......SPX profits are a SHAM IMHO as soon as mark to market value accounting was dropped!


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