Happy Thanksgiving everybody!
What a day we had yesterday with a huge market rally spurred on by a surprisingly light Jobless Claims report (407,000 jobs lost). But was it surprising? Was it even light? Sorry but it’s no to both. This is just another very blatant example of how Wall Street Banksters use information not available to the General Public to manipulate the markets and steal Billions of dollars from unsuspecting investors on a daily basis. To them, the average investor is just one gigantic turkey they will carve up and serve up until it’s picked to the bone and, by then, they will have fattened up another sucker and drawn him in for the kill.
They drew in a lot of suckers with yesterday’s rally (on very low volume) but we followed through with our plan to go short at the top and we’ll see where that gets us. What didn’t we like about the Unemployment numbers that everyone else seemed to love. Well, first of all, they were based on 4 days, not 5. Unemployment claims are usually counted Friday through Thursday and yesterday was Wednesday so they kind of skipped a day in the report. Amazingly, not one MSM commentator I heard all day, other than Art Cashin, seemed to notice and CNBC very quickly glossed over his comment as it did not fit the bullish script.
Of course, it’s not just the fact that the “financial news” station didn’t analyze the short week numbers but they also failed to mention that the seasonal adjustments had changed and that the unadjusted data showed 462,927 initial unemployment claims, which was UP 52,490 from the previous week.
Also, the advance unadjusted number for persons claiming UI benefits in state programs totaled 3,839,033, an increase of 103,105 from the preceding week. A year earlier, the rate was 3.9 percent and the volume was 5,081,961. The total number of people claiming benefits in all programs for the week ending Nov. 6 was 8,532,502.
Isn’t it just awful to hear the truth? No one wants the truth, we can’t handle the truth! As Howard Beale said in Network over a quarter-century ago, Americans don’t have the stomach for bad news and they don’t want to watch shows that give it to them or read papers that tell it to them or vote for politicians who are not willing…
