Posted 2007-09-07 08:09
by Karl Denninger
by Karl Denninger
"The most important jobs number since...... forever?"
Well, guess what - it came in at DOWN 4,000 jobs! And huge downward revisions in past months as well! Take out the Bull**** Adjustment (Birth/Death blackbox) and it was NASTY negative.
Wow.
Unemployment held at 4.6%.
Needless to say, the futures tanked.
Lest you think Bernanke has a "green light" to cut rates with wild abandon without consequence to the dollar, you'd be wrong.
Guys, that jobs print is a recessionary number. Game's over kids.
Yes, my "rate cut" odds just changed big. 80/20 in favor of one initially, but here's the ugly part - into a recession it doesn't matter a bit, equities still go down the toilet, and so does the economy.
Oh, and the Dollar goes down the toilet too unless the other Central Banks follow suit. It dipped under the magic 80 number this morning and worse, closed there.
As soon as the dollar tanked, my rate cut odds went hard the other way - now I'm 75/25 AGAINST.
Bernanke has no room here to maneuver - all his available choices are bad.
Any questions?
Specific stocks? There are really no stories here that matter. The fact remains that there's nothing good in any of this. At all. While metals did ok today, be careful here - metals are subject to Margin Call selling, and if this continues on Monday, we're likely to see a lot of that.
Oh wait - there is one - ****rywide is laying off either 900, 12,000 or 20,000 people, depending on which source you believe. They claimed 900, then said up to 12,000 - there are rumors out of 20k. We'll see. Whatever the real number is, five digits ain't good. Bowl-swirler you be, CFC!
Ok.... here's our technical video..... its a good one....
Have a great weekend!
Well, guess what - it came in at DOWN 4,000 jobs! And huge downward revisions in past months as well! Take out the Bull**** Adjustment (Birth/Death blackbox) and it was NASTY negative.
Wow.
Unemployment held at 4.6%.
Needless to say, the futures tanked.
Lest you think Bernanke has a "green light" to cut rates with wild abandon without consequence to the dollar, you'd be wrong.
I see.... About that "rate cut"....... well, with the economy going in the ****ter, yeah, we might get rate cuts. Will it matter? Oh **** no."European Central Bank policy makers signaled the bank is ready to raise interest rates further to curb inflation once financial-market turbulence has abated.
The ECB has a 'determination to act in the future whenever it is necessary,' ECB President Jean-Claude Trichet said at a conference in Frankfurt today. He called monetary policy 'still on the accommodative side.'"
Guys, that jobs print is a recessionary number. Game's over kids.
Yes, my "rate cut" odds just changed big. 80/20 in favor of one initially, but here's the ugly part - into a recession it doesn't matter a bit, equities still go down the toilet, and so does the economy.
Oh, and the Dollar goes down the toilet too unless the other Central Banks follow suit. It dipped under the magic 80 number this morning and worse, closed there.
As soon as the dollar tanked, my rate cut odds went hard the other way - now I'm 75/25 AGAINST.
Bernanke has no room here to maneuver - all his available choices are bad.
Any questions?
Specific stocks? There are really no stories here that matter. The fact remains that there's nothing good in any of this. At all. While metals did ok today, be careful here - metals are subject to Margin Call selling, and if this continues on Monday, we're likely to see a lot of that.
Oh wait - there is one - ****rywide is laying off either 900, 12,000 or 20,000 people, depending on which source you believe. They claimed 900, then said up to 12,000 - there are rumors out of 20k. We'll see. Whatever the real number is, five digits ain't good. Bowl-swirler you be, CFC!
Ok.... here's our technical video..... its a good one....
Have a great weekend!
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