Wow! Markets are roaring off of a better-than-expected first time jobless claims print and MoM same store sales for the retailers. Who knew the consumer was back, but has anyone even discussed the calendar, yet?!? More on that in a bit.
First--jobless claims. Are you kidding me?!? Yes, the number came in below the consensus figure of 541,000 (551,000 last week) and the four-week average dipped by 9,000. But--the figure is STILL WAY ABOVE 500,000!! Do a Google search of 'layoff announcements' and click on the News option in the top navigation bar. How many layoff announcements do you see?? How many jobs do you see are being eliminated??
That's right--more jobs are going to be gone and this is what we have resorted to! Champagne all around b/c the figure is lower than consensus?!? Who are the idiots doing the consensus????
Sorry to sound like Cynical Sam here, but come on! Now, the retail numbers. Ummm....did anyone notice that Labor Day was late this year?? Actually, very late, and get this--some schools didn't start until after Labor Day. I love the retail numbers, but the figures still represent back-to-school shopping. Just take the figures and mark them with an asterisk.
All we're saying is: Investor's Beware!! This is how you lose money, by following the herd and thinking you're missing out on something.
More later when we can get a taller soapbox. :)
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, LLC