Thursday, June 17, 2010

CPI went negative again and Jobless Claims rose. Everything is just Peachy isn't it?

Reported by this morning, "The cost of living in the U.S. dropped in May for a second month, signaling the world’s largest economy is recovering without causing prices to flare." Now isn't that a cute way to describe deflation, "it didn't cause prices to flare"! Give me a break! What spin.

They also reported on Jobless Claims the following, "The Labor Department also reported today that initial jobless claims rose 12,000 last week to 472,000. Economists surveyed by Bloomberg had forecast a decline to 450,000, according to the median estimate." Hmm, off again these economists by a bunch! Are these the people we are relying on to tell us we are recovering. Wake up, we're not recovering. Ask any tradesman in your community how business is going for them. We had to hire a Dry Wall repair person. He said not much work for any Tradesmen because New Home Construction is non existent. He knows Electricians who have taken to drive a truck to get any work. He quipped, "Maybe we are being affected by the Gulf Oil Spill and can put in a Claim before we are homeless from the lack of work.

Friends, things are not really good in Camelot. But it's easier to think it is than to face the fact it isn't. I don't blame people for wanting hope. Today is Options expiration for June. I think the volatility will not emerge today as many shorts have covered over the past week or so causing this temporary rally. If there is anything to report today, I will add an update to this post. Have a nice June weekend and Happy Father's day to all the Fathers out there.

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