Search This Blog

Thursday, October 6, 2011

Another example of the Great Disconnect -10/6

Market went up 183 pts today.. in fact, its been going up & up since the last 25 minutes of Tuesday's trading day when it unrealistically shot up about 400 pts based on algorhythmic trading and irrational hope for Europe to magically solve all its economic problems, or at least to further kick the can.

So a 183 point climb...Mm, that's simply lovely.

Let's take a look at some other economic headlines- certainly they will be just as optimistic and cheery I'm sure:

A job is becoming a dim memory for many unemployed (AP) --  "Nearly one-third of the unemployed -- nearly 4.5 million people -- have had no job for a year or more. That's a record high... economists say their prospects won't brighten much even after the economy starts to strengthen and hiring picks up. Even if they can find a job, it will likely pay far less than their old ones did."

Um.. that's not cheery.  I'll keep looking...

NBA lockout hitting some cities hard (AP) -- "The loss of one game, let alone 10 or maybe all 82, will have a devastating impact on workers with jobs dependent on pro basketball's six-month-plus season... Ushers, security personnel, parking lot attendants, concession workers, restaurant employees and others all stand to have their hours cut or join the country's 14 million unemployed."

That's just as depressing as the first article..  Umm..

More people sought unemployment aid last week (Reuters) -- "The number of people who applied for unemployment benefits rose slightly last week, a sign that the job market remains weak. Weekly applications increased by 6,000 to a seasonally adjusted 401,000, the Labor Department said Thursday."

Gosh!  And the market went UP today?   Hmmm...

Census: Housing bust worst since Great Depression (AP) -- "The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday... homeownership rate fell to 65.1 percent last year... analysts say the U.S. may never return to its mid-decade housing boom peak in which nearly 70 percent of occupied households were owned by their residents."

Um, Gee.. I wonder then, what piece of "good" economic news motivated those greedy fucks on Wall St to push up the Dow today?

ECB opens cash taps to avoid new credit crunch (AP)  -- "The European Central Bank is opening its money taps wide to prop up an increasingly shaky banking sector... the top monetary authority for the 17 euro nations offered to flood banks with any amount of one-year loans through 2013."

And that led to this...

Oil above $82 on positive news for Europe banks (AP) -- "Oil jumps nearly 4 percent as European banks get new loan offer "

Psst.. that means we pay more at the pump..

So I guess it was a very good day-- for a very select few

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.