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Friday, February 07, 2014 – Jobs Report Friday

Jobs Report Friday By Sinclair Noe DOW + 165 = 15,794SPX + 23 = 1797NAS + 68 = 412510 YR YLD – .03 = 2.67%OIL + 2.21 = 100.05GOLD + 9.30 = 1268.10 SILV + .07 = 20.12 The best 2 days in a row for stocks in almost 4 months. For the week the Dow was up 97 points, and the S&P 500 was up 15 points on the week. The VIX, the volatility index slipped back down to 15, indicating a general happy go lucky outlook for stocks, with just the slightest hint that the past couple of days were part of a short squeeze; especially considering the lousy nature of the unemployment report. This is Jobs Report Friday and I tend to get a bit wonkish with the numbers but I think it is important economic data, so here goes. The Labor Department reported the economy added 113,000 jobs in January while the unemployment rate dropped slightly to 6.6%. The number of jobs added fell short of expectations; analysts had projected job growth of around 185,000. While weather was believed to have weighed on hiring in December, it did not appear to be a major factor last month. There were strong gains in the weather-sensitive construction sector, and while a survey of households found 262,000 Americans were unable to work due to the weather, the department said that was in line with historical trends. This comes on the heels of an even weaker December jobs report. Today’s …

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Tuesday, February 04, 2014 – Adjust Accordingly

Adjust Accordingly by Sinclair Noe DOW + 72 = 15,445SPX + 13 = 1755NAS + 34 = 403110 YR YLD + .04 = 2.62%OIL + 1.16 = 97.59 GOLD – 2.70 = 1255.40SILV + .17 = 19.61 Here come the bears; they tend to come out of the woods when the Dow has a day like yesterday, and they tend to growl. The latest noise is in the form of a couple of projections and predictions that the market will drop 40%. Perhaps we’re just going through a period of pricing discovery as the markets digest information. Maybe this will pass or maybe not. The typical bear market lasts 2 to 4 years and the average drop is about 40%, so it isn’t unreasonable to guess. And bear markets come around with regularity. The median duration for a bull market is 50 months and the average duration for a bull market is 67 months. The current bull market dates back to March 2009, which is right at 58 months. The idea of a bear coming along right about now should not shock anybody. We’re not there yet; a bear market would be a 20% correction; so we’re not there yet. Of course you might not want to just sit around and wait to get mauled by a bear. So, let’s consider where we are right now. Here’s the rundown: China’s GDP is slowing and their manufacturing sector is contracting and their shadow banking system may be harboring a few entities …

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Wednesday, January 29, 2014 – Benny Jets

Benny Jets by Sinclair Noe DOW – 189 = 15,738SPX – 18 = 1774NAS – 46 = 405110 YR YLD – .07 = 2.67%OIL – 01 = 97.40GOLD + 12.00 = 1268.70SILV + .15 = 19.81 You’ve heard the old post office creed; “neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds.” Generally true, however I bet some letter carriers are having a tough time delivering mail in Atlanta today. The Federal Reserve apparently has a creed. Who knew? Neither a disappointing December jobs report nor turmoil in emerging markets nor gloom of the US economy shall stay these central bankers from the incremental completion of their taper. Don’t worry; nothing to look at here; keep moving, keep moving. No sonny, that’s not a train wreck on Wall Street, that’s just the debris and detritus stirred up by the whirlybird which will now carry Helicopter Ben into the sunset, or more accurately to the boardroom of some investment bank. Yes, this is the last FOMC meeting for Ben Bernanke. He promised he would set a course for exiting QE, and he has; the problem is that the set course is fraught with perils. The Federal Reserve’s policy making Federal Open Market Committee wrapped up a two day meeting today by announcing they would cut back their bond buying program by $10 billion, to a mere $65 billion per month.  The FOMC added that it was “likely” to continue …

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Wednesday, January 08, 2014 – Tapering is Not Tightening

Tapering is Not Tightening by Sinclair Noe DOW – 68 = 16,462SPX – 0.39 = 1837NAS + 12 = 416510 YR YLD + .06 = 2.99%OIL – 1.15 = 92.52GOLD – 5.90 = 1226.90SILV – .32 = 19.62 Repeat after me: “tapering is not tightening.” This is the new mantra of the Fed; tapering is not tightening. Today we got the minutes of the Fed FOMC policy meeting of December 17-18, and one of the themes is that the policy setting members of the Fed want to proceed with caution in trimming asset purchases and tapering is not on a rigid preset course; it is subject to incoming economic data and tapering is not tightening. You will recall that the Fed announced it would cut purchases by $10 billion per month, while still making $75 billion a month in purchases of mortgage-backed securities and Treasuries. The minutes reveal “concern about the potential for an unintended tightening of financial conditions if a reduction in the pace of asset purchases was misinterpreted as signaling that the committee was likely to withdraw policy accommodation more quickly than had been anticipated.” So, it’s just a little tapering, not tightening. That said, even the more dovish policymakers had to concede that QE does not pack the punch it might have once packed. From the minutes: Regarding the marginal efficacy of the purchase program, most participants viewed the program as continuing to support accommodative financial conditions, with a number of them pointing to the importance of …

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Friday, January 03, 2014 – Trust Me

Trust Me by Sinclair Noe DOW + 28 = 16,469SPX – 0.61 = 1831NAS – 11 = 413110 YR YLD + .01 = 2.99%OIL – 1.30 = 94.14GOLD + 15.00 = 1239.00SILV + .14 = 20.25 Fed Chairman Ben Bernanke will retire from public service at the end of the month, and likely wander off to be a well paid consultant or director at one or more banks or private equity firms. Today he gave what might be his final speech as the Fed head. Speaking at the American Economic Association forum in Philadelphia, Bernanke said that even though the FOMC announced taper in December, they were still committed to highly accommodative monetary policy for as long as needed; “Rather, it reflected the progress we have made toward our goal of substantial improvement in the labor market outlook that we set out when we began the current purchase program in September 2012.” He tempered the good news in housing, finance and fiscal policies by repeating that the overall recovery “clearly remains incomplete”, adding that the number of long-term unemployed Americans “remains unusually high.” This is something like the doctor telling you the cancer has been cured but there is still a massive tumor. As of the November jobs report, the labor market has 1.3 million fewer jobs than December of 2007. In a healthy environment, we would have seen jobs added as the population grew; the economy would have needed to add 6.6 million jobs just to maintain the level …

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Friday, December 27, 2013 – Fooled Again

Fooled Again by Sinclair Noe And now we present the curious case of Michael Steinberg. Not familiar? That’s understandable; Michael Steinberg is a convicted felon, securities fraud and conspiracy, specifically insider trading. Steinberg is a close personal friend and former trader with Steven A. Cohen. You’ve likely heard that name. Cohen is the billionaire, stock picker who runs SAC Capital hedge fund; recently fined $1.2 billion by the SEC for insider trading and not maintaining adequate supervision of his employees. Cohen has not been charged as an individual. Eight SAC employees have been criminally charged; six have pleaded guilty and are cooperating with the government; one faces trial in January; Steinberg just lost his trial, and when the verdict was announced, the fellow fainted. The other guy who faces trial in January fainted when he was arrested. It’s a bit funny, a bit pathetic. Steinberg faces a maximum of 85 years but that won’t happen. Still, it looks like a potential case against Cohen could gain traction. The US Attorney’s Office in Manhattan has secured 77 insider trading convictions since 2009, without losing a single case. Jurors are capable of understanding insider trading. It’s a fairly simple form of cheating. Jurors are also capable of understanding more complex forms of cheating. The markets are rigged by cheaters, in the form of insider trading and other, more complex scams. There are many honest people who earn god livings in the markets, but there are plenty of cheaters. The prosecutors aren’t even …

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Wednesday, December 18, 2013 – According to Plan

According to Plan by Sinclair Noe Don’t worry. Everything is going exactly according to plan. The Fed will taper just a little; cutting back to $75 billion a month in Treasury bond and mortgage backed securities; the cuts will trim back equally from both categories. You’ll hardly notice. The Fed said: “In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the committee decided to modestly reduce the pace of its asset purchases.” Great news for people in the hunt for a job; everything is good. And for those of you with two jobs, well your doubled efforts have not gone unnoticed. The Fed expects unemployment to dip to 6.3% to 6.6% by the end of the year, what with more people dropping out of the workforce and the participation rate shrinking. Besides, the current 7% unemployment is apparently just good enough to avoid civil unrest, or as the Fed calls it “progress toward maximum employment.” The central bank also said it “likely will be appropriate” to keep rates near zero “well past the time” that the jobless rate falls below 6.5 percent. Again, this confirms that everything is going exactly according to plan…, for the bankers; for the rest of us – not so much. But if you are a banker, you have to love free money from the Fed. It’s not like they could continue QE forever; they were running out of stuff to buy. The federal deficit has …

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Thursday, December 12, 2013 – Three Strikes

Three Strikes by Sinclair Noe DOW – 104 = 15,739SPX – 6 = 1775NAS – 5 = 399810 YR YLD + .03 = 2.88%OIL – .06 = 97.38GOLD – 27.10 = 1226.20SILV – .81 = 19.60 Stocks down for a third day in a row, and except for that big gain on the news of the monthly jobs report, this has been a nasty start to December. Weekly jobless claims jumped to 368,00 from 300,000 the week before. Overall retail sales climbed a seasonally adjusted 0.7% last month, the most since June.  Auto sales jumped 1.8% in November, the most since June. Meanwhile, there were drops in retail sales of 0.2% for clothing and accessories stores, and 1.1% at gasoline stations. Online and other non-store retailers saw sales rise 2.2% in November, the most since July 2012. Over the past year, retail sales have grown 4.7%. Inventories at US businesses rose 0.7% in October. Maybe businesses are expecting a great holiday shopping season but it isn’t looking good. Neither the jobless claims nor the retail sales will move the Fed’s current position on tapering. Markets have been focused on the timing and the slope of Fed bond-buying tapering and not on anything else. Most likely, the Fed will meet next week and not taper, but they will likely communicate clearly their intent to taper. The just agreed 2014-2015 US budget deal faces a crucial test today when the House of Representatives votes on the bill, with Speaker John Boehner urging …

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Monday, December 02, 2012 – The Home Stretch

The Home Stretch By Sinclair Noe DOW – 77 = 16,008SPX – 4 = 1800NAS – 14 = 404510 YR YLD + .05 = 2.79%OIL + 1.19 = 93.91GOLD – 32.80 = 1220.30SILV – .73 = 19.31 Stocks were down today. There are many possible explanations, but the one that makes sense to me is that we just couldn’t have a record high celebration with milk and cookies; not after all the pie I ate over the holiday. There are other explanations as well. Anyway, we survived Black Friday, mainly by sitting it out. Black Friday comes with its own unofficial economic data point as the most important shopping day of the year. And we always hear the erroneous, or at least mildly misleading caveat that consumer spending accounts for nearly 70% of gross domestic product, making this large shopping day extra important. Thanksgiving and Black Friday combined brought in an estimated $12.3 billion in sales, according to shopping analytics firm ShopperTrak. Thanksgiving Day traffic grew 27% as nearly one-third of shoppers headed to stores on the holiday. About 97 million people planned to shop online or in stores on Friday, with about 140 million intending to do so Thanksgiving through Sunday. That’s down from 147 million last year. Overall spending was expected to reach $57.4 billion for the weekend, that’s down from $59.1 billion last year. Thanksgiving and Black Friday fell a week later in the season this year, leading stores to push pre-Black Friday deals and shifting consumer …

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Monday, November 25, 2013 – A Record High, Barely

A Record High, Barely by Sinclair Noe DOW + 7 = 16,072SPX – 2 = 1802NAS + 2 = 399410 YR YLD – .01 = 2.73%OIL – .75 = 94.09GOLD + 7.90 = 1252.60SILV + .38 = 20.31 The Dow and the S&P 500 indices have posted 7 weeks of gains. Today was flat, with the Dow up a few points and the S&P down a little. We’ll have a holiday shortened week, with the market closed on Thursday (something retailers should consider). Over the weekend, the big news was a nuclear agreement, of sorts between the US and Iran. The basic idea of the agreement is that we would lift some sanctions against Iran and they would not expand their nuclear program. The deal frees up some Iranian oil revenue that had been frozen in foreign banks. It’s unlikely Iran will add much in oil exports in the six months covered by the agreement. Iran has been exporting oil to China, India, South Korea, and Japan; those countries were granted waivers on sanctions because they really wanted the oil. The main benefit of the weekend’s deal with Iran may be the psychological impact on the market, which has long been propped up by fears of a supply disruption resulting from the standoff between Iran and the United States and its allies. Also, Iran may benefit from access to investment in oil infrastructure and equipment; but again, this is a 6 month deal for now. Many Middle Eastern countries have …

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Thursday, November 21, 2012 – Size and Composition

Size and Composition by Sinclair Noe DOW + 109 = 16,009SPX + 14 = 1795NAS + 47 = 396910 YR YLD – .01 = 2.78%OIL + 1.59 = 95.44GOLD – .40 = 1243.40SILV + .14 = 20.09 Intraday, the Dow industrials were higher last Friday and last Monday, but this was a record high close, and that is what we look at – the close. The reason we look at the close is largely arbitrary, and the reason we celebrate the Dow record high close as opposed to the S&P 500 record high close, is again arbitrary. The significance of a close above 16,000 is not a big deal; it’s just a number. Earlier in the week the market looked at the round number and could not close above; there was a pause; then today, a move above. Test, retracement, breakout; that’s bullish. We have discussed that there is a disconnect between the markets and the broader economy. We have discussed that the trickle down effect or the wealth effect has been less than satisfying for. Still, some of that money will filter into the broader economy; and the bottom line is that it’s better than a poke in the eye with a sharp stick. At some point the Fed will taper; the easy money party will end; until then, well, enjoy the milk and cookies. Initial claims for state unemployment benefits fell 21,000 to a seasonally adjusted 323,000. Meanwhile, prices at the wholesale level dropped 0.2%. The PPI core …

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Monday, November 18, 2013 – Activism from Billionaires and Tweeters

Activism from Billionaires and Tweetersby Sinclair Noe DOW + 14 = 15.976SPX – 6 = 1791NAS – 36 = 394910 YR YLD – .04 = 2.66%OIL – .83 = 93.01GOLD – 14.40 = 1277.00SILV – .38 = 20.50 This one didn’t feel like a record high celebration, in part because the major indices closed well off the intraday high. The Dow had been trading above 16,000 for much of the afternoon, but a late sell-off saw the Dow finish below that nice round number; still, it was good enough for another record high close. The S&P 500 hit an intraday high of 1802, but closed in negative territory. Still we mark today’s gains in the Dow in the “win” column and that means we have now had 39 record high closes on the Dow in 2013. The trend is in place, firmly. The rise in the Dow Jones industrials continues to be confirmed by an associated rise in the Dow Jones Transportation Average. A look at the S&P 500 also shows a clear breakout at the top multiyear resistance level. The breakout may be false, due to the lack of active participation, as evidenced by light volume. So far, it has held up pretty well, contrary to its overbought condition. Everything is pointing higher as long as the Fed continues to pump money into the economy; and it looks like they will continue until March, although they could start to taper in January or December. Or maybe Bernanke will go …

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Friday, November 15, 2013 – Stuck in the Monetary Tar Pit

Stuck in the Monetary Tar Pit by Sinclair Noe DOW + 85 = 15,961 SPX + 7 = 1798 NAS + 13 = 3985 10 YR YLD + .01 = 2.70%OIL – .04 = 93.72GOLD + 3.10 = 1291.40SILV + .04 = 20.88 Record highs for the Dow and the S&P 500; with the Dow closing in on 16,000, and the S&P closing in on 1800 or maybe 2000 if you blink. The Nasdaq is nowhere near record highs but it is close to 4,000 and that’s a 13 year high. It’s rare that the Attorney General discusses an active investigation, but the New York Times reports Eric Holder is talking about the currency markets and how some of the biggest banks may have rigged trading in the largest and least regulated market in the financial world. Holder said: “The manipulation we’ve seen so far may just be the tip of the iceberg. We’ve recognized that this is potentially an extremely consequential investigation.” The investigation still seems to be in the early stages; no one has been accused of wrongdoing, yet. The DOJ apparently has at least one trader who is providing evidence, and they have gathered a whole bunch of emails, instant messages, chat-room conversations, and other documents. Nine of the largest banks in currency trading have announced they are facing inquiries. The banks placed about a dozen traders on leave pending the outcome of the inquiry. And several banks are considering limiting the ability of their traders to …

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Thursday, November 14, 2013 – These are the Days of Milk and Cookies or, If You Prefer, Wine and Neurosis

These are the Days of Milk and Cookies or, If You Prefer, Wine and Neurosis by Sinclair Noe DOW + 54 = 15,876SPX + 8 = 1790NAS + 7 = 397210 YR YLD – .03 = 2.69%OIL + .08 = 93.96GOLD + 5.00 = 1288.30SILV + .13 = 20.85 More record highs for the Dow and the S&P 500. Celebrate with your beverage of choice. You will likely hear a bunch of stupidity with regard to Janet Yellen as she works her way through the confirmation process. Today, she delivered prepared remarks to a Senate Committee. She did not surprise and she did not disappoint. Yellen is dovish; we knew that. She believes in monetary stimulus; we knew that. She believes in regulations to prevent a repeat of past mistakes; we knew that. She is probably the most qualified Fed Chair nominee ever. A little bit of background: Economics degree from Brown University; Phd. From Yale; taught at Harvard, the London School of Economics, and UC Berkeley; Fed Governor from 1994 to 97; San Francisco Fed president in 2004; vice chair of the Fed since 2010; a member of multiple economic councils and committees, including the Council of Economic Advisors, CBO, MIT, etc, etc; married to Nobel Prize winning economist George Akerlof, considered more accurate than her Fed peers in foreseeing the housing crisis and the financial downturn. Indeed, Yellen was “one of the only top Fed policy makers who warned about the housing bubble before the crisis.” – (NYTimes) …

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Wednesday, November 13, 2013 – Cues for Yellen from Abe

Cues for Yellen from Abe by Sinclair Noe DOW + 70 = 15821SPX + 14 = 1782NAS + 45 = 396510 YR YLD – .07 = 2.70%OIL + .84 = 93.88GOLD + 16.10 = 1283.30SILV – .09 = 20.71 Record high close for the Dow Jones Industrial Average. Record high close for the S&P 500 Index. Janet Yellen starts her confirmation process tomorrow. Yesterday, a couple of Fed presidents, Dennis Lockhart of the Atlanta Fed, and and Minneapolis Fed President Narayana Kocherlakota both suggested that the current state of the economy still warrants aggressive monetary policy action. Yellen is well known for her meticulous preparation, but it will be interesting to see how she handles questions from politicians looking for cheap shots and easy points. Political theatrics aside, Yellen is highly qualified with a very solid academic foundation, extensive policy experience, sound judgment over many years and the most effective researcher at the Fed. Her policy moves will likely be incremental and well communicated. Markets can look to a continuation of the Fed’s current policy stance for now. When the time for taper comes, as it inevitably will, the central bank would partially compensate through more aggressive forward policy guidance. None of that means much of a change and no guarantee the Fed can do much more than it is doing to help the economy break out of the doldrums of the past few years. Of course the Fed could do much more; adding $4 trillion to their balance sheet …

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Tuesday, November 12, 2013 – Supremely Happy

Supremely Happy by Sinclair Noe DOW – 32 = 15750SPX – 4 = 1767NAS + 0.13 = 391910 YR YLD + .02 = 2.77% OIL – 2.10 = 93.04GOLD – 15.70 = 1267.20SILV – .65 = 20.80 We’ve been hearing from Federal Reserve big wigs about their ideas for taper. Today, Federal Reserve Bank of Atlanta President Dennis Lockhart said he wants to see inflation accelerate toward the Fed’s 2% goal before the central bank reduces $85 billion in monthly bond purchases. Lockhart also wants to see economic growth pick up to around 3%. In a speech, Lockhart said: “To achieve a faster pace of growth, it’s my opinion that we’ll need to see” greater consumer spending and a decline in “fiscal drag.” Even though those targets for inflation and growth are a long way off, Lockhart says the taper, reducing bond purchases, “ought to be on the table at upcoming meetings” by the FOMC, including the December 17-18 meeting. There has been a common thread in mainstream economic forecasting lately. It goes like this: “Yes, 2013 has been rough. But growth should pick up in 2014.” The latest example is from the OECD, the organization of leading developed nations projecting that improvement just around the corner, as its index of leading indicators rose. The same story shows up in almost any mainstream forecasters’ estimates. For example, in their last official forecasts, top Federal Reserve economists concluded that 2013 US economic growth was on track to be only 2 to …

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Friday, November 08, 2013 – Jobs, Jobs, Jobs Friday

Jobs, Jobs, Jobs Friday by Sinclair Noe DOW + 167 = 15,761SPX + 23 = 1770NAS + 61 = 391910 YR YLD + .14 = 2.74%OIL + .13 = 94.33GOLD – 19.10 = 1289.50SILV – .17 = 21.60 Another record high close for the Dow. For the week, the Dow rose 0.9 percent, the S&P 500 was up 0.5 percent while the Nasdaq was down 0.1 percent. Today was all about jobs. The Bureau of Labor Statistics reported that total nonfarm payroll employment rose by 204,000 in October and the unemployment rate increased from 7.2% to 7.3%. The 204,000 new jobs was much better than the estimates of about 120,000. Further, the numbers from previous months were revised higher; September was revised from 148,000 new jobs to 163,000 new jobs, and August was revised from 193,000 jobs up to 238,000; for a net gain of 60,000 upwardly revised jobs. So, why did the unemployment rate move higher? Part of this may have to do with the government shutdown and there might be a reversal in the November numbers. The furloughed government workers, at least some, were likely counted as unemployed with regard to the unemployment rate, but for the total number, that 204,000 number, those furloughed workers were not counted as unemployed. The problem with the unemployment rate is that the rate can fall even when the labor market conditions get worse. There are two possible reasons why the unemployment rate drops; either more jobless people find work, or more …

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Thursday, November 07, 2013 – The Road Not Taken

The Road Not Taken by Sinclair Noe DOW – 152 = 15,593SPX – 23 = 1747NAS – 74 = 385710 YR YLD – .03 = 2.61%OIL – .51 = 94.29GOLD – 10.00 = 1308.60SILV – .14 = 21.77 Big story on Wall Street today was the Twitter IPO. I will now tell you everything you need to know about it in 140 characters or less. TWTR IPO 2day. Priced @ $26. Pop 2 $50. Close @ 44.90 up 72%. Market cap = $24 bil, earnings = < zero. Smooth not Facebook. #bubblicious Economic growth accelerated in the third quarter. Gross domestic product grew at a 2.8 percent annual rate, the quickest pace in a year, after expanding at a 2.5 percent clip in the second quarter. Inventories, however, accounted for a 0.8 percentage point of the advance made in the third quarter, as businesses restocked shelves, but the slowest expansion in consumer spending in two years suggested an underlying loss of momentum. Consumer spending expanded at a 1.5 percent rate, the slowest pace since the second quarter of 2011. It grew at a 1.8 percent rate in the April-June period. So, unless there is a surge in 4thquarter demand, we might see future production reduced to clear out inventories. The economy grew at a 1.8 percent rate in the first half of 2013, expect growth of around 1.5% for the fourth quarter. The private sector decelerated over the summer, providing less of a cushion for the government shutdown in October. …

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Wednesday, November 06, 2013 – Banksters Continue Evil Games, Please Pay Their Bill on Your Way Out

Banksters Continue Evil Games, Please Pay Their Bill on Your Way Out by Sinclair Noe DOW + 128 = 15,746SPX + 7 = 1770NAS – 7 = 393110 YR YLD – .02 = 2.64%OIL + 1.49 = 94.86GOLD + 5.70 = 1318.60SILV + .10 = 21.91 A record high close for the Dow Jones Industrial Average. The S&P 500 missed it’s all-time high by one point. Yesterday we told you that a couple of the Fed’s top staff economists made the case in new research papers for more aggressive action by the central bank to drive down unemployment by promising to hold interest rates lower for longer. Late yesterday, John Williams, president of the SF Fed, threw fuel on that fire, saying the Fed should wait for stronger evidence of economic growth before winding down its massive QE bond buying program. Today, Cleveland Fed President Sandra Pianalto said tight mortgage credit has been holding back the economy, and will continue to hold back the broader economy from getting back to full strength. Apparently the Fed heads have bought into the idea of the wealth effect from Wall Street and the housing market as the panacea to ail the economic ills, even though it appears QE is losing punch as time wears on.It can be argued that one of the effects of the financial crisis on US households was a sharp tightening of credit. Households that had previously been able to borrow relatively freely through credit cards, home equity loans, or …

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Tuesday, November 05, 2013 – Hey Guy, Remember the Fifth of November

Hey Guy, Remember the Fifth of November by Sinclair Noe DOW – 20 = 15618SPX – 4 = 1762NAS + 3 = 393910 YR YLD + .06 = 2.66%OIL – 1.00 = 93.62GOLD – 2.70 = 1312.90SILV + .05 = 21.81 Today is election day in much of the country. In 1872, Susan B. Anthony was arrested for trying to vote. If you don’t vote today, at least remember the people who tried to make sure you have the right to vote. Today is also Guy Fawkes Day. In 1605 Fawkes led the Gunpowder Plot, a plot to blow up the English Parliament. That didn’t work and he was hanged. The plot is recognized with bonfires to this day, and those strange white masks with the smiling, mustachioed guy that have become popular with protesters from New York to Cairo. Also, the word “guy”, comes from Mr. Fawkes; nobody used the word before he came along. Hey guy, where you going with that mask on your face? Stocks moved lower today but the Dow Industrials wiped out most of a 117 early morning decline; this followed two days of gains for the Dow and the S&P 500, while the Nasdaq stretched its winning streak to three sessions in a row. Treasury prices pulled back for the fourth day of losses in the past 5 sessions. According to data released by CoreLogic Tuesday, home prices rose 0.2% in September as the annual pace hit 12%; that’s the fastest annual pace since …

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