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Non-Farm Payrolls report for November is coming out tomorrow. I would not be surprised to see a very light, sub 100k number compliments of Hurricane Sandy.
The FOMC has a two day meeting next week, and will announce its decision on Wednesday 12 December at 12:30 PM. I expect they will do something for the economy now that the elections are past.
Stopping the sterilization of Operation Twist seems likely at the least. That would increase the size of their balance sheet, and is gold positive. This could explain in part the chickenshit bear raids on the metals all week.
Have a pleasant evening.
AAPL caught at least a dead cat bounce today. We will have to see if it continues and proves to be something else.
Traders are starting to talk optimistically about a Santa Claus rally. They see Senator Jim DeMint leaving the Senate as a sign that the impasse over the budget is thawing. I was surprised to see a standing Senator step down like this to take a private sector position with what is essentially a lobbying organization.
"Gov. Nikki Haley of South Carolina, a Republican, will now be compelled to appoint a successor who would then run to maintain the seat in a special election in 2014, when Republican Senator Lindsey Graham, the senior senator from the state, will also be up for re-election. Aides said that Ms. Haley was surprised by Mr. DeMint’s sudden announcement."
Non-Farm Payrolls Report tomorrow. We may see another light number compliments of Hurricane Sandy.
FOMC meeting next week.
“How far that little candle throws his beams!
So shines a good deed in a weary world.”
William Shakespeare
Lord, how manifold are thy works! In wisdom thou hast made them: the earth is abundant with thy creations.
Psalm 104:24
Is there a darkness over the earth?
It glimmers like a candle in the night.
The darkness of our hardened hearts,
Casts images and shadows in the light.
NASA,
Spectacular Black Marble Images Show the Earth in Darkness
The counterparty risks and domino in this market are enormous.
The lack of reform and regulation here is fomented by Wall Street money and political influence peddling.
It is a stimulus to pervasive market rigging since the markets are now much larger and more volatile than the economies that they purport to serve and model, the tail wagging the dog.
The first domino to fall may be a relatively small one compared to the global bond and currency markets, like a failure to deliver in a commodity that sets off a series of related counterparty failures and a break in confidence. In order to avoid this, the perpetration and subsidy of fraud takes on the nature of a larger Ponzi scheme that destroys the system under the rationale of saving it.
This is the heart of darkness of the credibility trap.
