Hello traders everywhere! Jeremy Lutz with your mid-day market update for Thursday, the 11th of October.
A surprisingly big drop in weekly jobless claims have helped to stop the sell off Thursday despite news of a downgrade of Spain's sovereign credit rating.
The Labor Department reported that claims last week fell by 30,000 to 339,000, the lowest level since February 2008. The figures were another indication that the world's largest economy is over its summer soft patch and may be gaining traction.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
Well shut mah mouth and call me a liar! I was mistaken! You CAN create wealth from DEBT!! The Ludwig Von Misses Austrian School of Economics had written Principles that indicated that you CAN NOT create wealth from debt. What a bunch of fools! Little had they counted on The Great New Greenspan & Bernanke American School of Economics. You print lots and lots of money and you spread your currency debasement to the rest of the world through your Reserve Currency Scheme. Then you sell them Bonds to spread your debt and VOILA’, YOU HAVE PROSPERITY. How convenient, would say The Church Lady of SNL.
You forgot one key piece of information on the drop in jobless claims. California did not file their numbers, thus the drop in numbers. HMMMM I wonder how that happened this election year.
Not to mention the 26,000 reduction from actual for "seasonal adjustments." Real truth: actual jobless claims probably up by 50,000. Still wonder why the number might be fudged this election year???