DOW Watch Friday 9/6 Edit Unemployment hits 10.2%

[joewp]

The Dow was up by 20 a moment ago, but now it's struggling to stay in positive territory.

Who are the idiots that are buying in this grossly overvalued market? I just checked the month end S&P 500 P/E ratio. It's 137.98!

That's totally out of whack historically. Earnings would have to increase 10-fold to justify today's stock prices.

I think the PPT is working overtime, pumping manufactured money into the market because that's one of the few "green shoots" they can actually control.

You answered your own question ("I think the PPT is working overtime, pumping manufactured money into the market because that's one of the few "green shoots" they can actually control")!

Yeah, I know. The action at the start was very suspicious. It opened down around 70 and immediately shot back up.

[Candace66]

"President Barack Obama's economic headache just got worse.

Friday's employment report showed heavier-than-expected job losses last month, and an alarming spike in the unemployment rate to 10.2 percent, highest since 1983.

For Obama, who has made job growth a top priority but is reluctant to try to push another big stimulus spending package through a debt-weary Congress, the report gives opponents a chance to score some easy points..."

http://www.cnbc.com/id/33717786

[picasso moon]

Where can i buy some of that Green Shoots Inc stock?
+50 to +100 today, everything will be OK. If i'm wrong, so what? All i've gotten for several days of good predictions is a coffee date with Kudlow, with me footing the bill, maybe if i'm wrong i'll be rewarded with an Erin Burnett date, it works on Wall Street.

[Ganesh Baba]

+22

The bullshit bubble just keeps growing and growing...

[Armageddon]

The markets will crash when TPTB are ready to pull the plug.  Not one minute before.  BTW, real unemployment has to be 20+ % now. 

[Arraya]

The markets will crash when TPTB are ready to pull the plug.  Not one minute before.  BTW, real unemployment has to be 20+ % now. 

The can play recovery with digital dollars and faux-media induced confidence until energy lowers the boom again.  There is enough people with money to keep feeding the beast and keep it a float. Once PO rears it's ugly head, then it's reality time and TPTB have no choice to pull the plug or have the plug pulled for them.

[Ganesh Baba]

The can play recovery with digital dollars and faux-media induced confidence until energy lowers the boom again.  There is enough people with money to keep feeding the beast and keep it a float. Once PO rears it's ugly head, then it's reality time and TPTB have no choice to pull the plug or have the plug pulled for them.

Yes. Peak Oil might be the only thing they can not handle.

But how long do we have to wait until PO truly arrives? I'm getting sick of this bullshit.

[Arraya]

The can play recovery with digital dollars and faux-media induced confidence until energy lowers the boom again.  There is enough people with money to keep feeding the beast and keep it a float. Once PO rears it's ugly head, then it's reality time and TPTB have no choice to pull the plug or have the plug pulled for them.

Yes. Peak Oil might be the only thing they can not handle.

But how long do we have to wait until PO truly arrives? I'm getting sick of this bullshit.

It arrived last year over the summer.  The question is when will it arrive again?  Maybe late 2010 if we maintain consumption levels, if we shed more economic activity we will miss it until later.

Bumping our head on the oil ceiling is a function of consumption levels.  It's almost as if, when we hit it last year, they took the economy down to save from an oil market dislocation.  Like it was  systems test to see how high they could take it.   Interestingly, our banking and credit system was weakened enough for a light breeze to seize it up and cut off credit.  The global crash was , whether intended or not, a big PO mitigation measure.  Forced conservation via a credit contraction.

Now, they are playing a dance with it again. 

[Bill from Pennsylvania]

I think we have received the answer to the question of what will cause things to crash. 

Only Peak Oil has the power to force us to confront reality. Financial problems are only holographic brick walls, pushed further and further out at the flick of a switch.

Eta: I really liked your last post Arraya; it does seem like they did a system test back when oil hit an all-time dollar high.
Also, by crash, and 'confront realiy' I mean acknowledge the limits to growth.

[gin]

The markets will crash when TPTB are ready to pull the plug.  Not one minute before.  BTW, real unemployment has to be 20+ % now. 

The can play recovery with digital dollars and faux-media induced confidence until energy lowers the boom again. 
There is enough people with money to keep feeding the beast and keep it a float. Once PO rears it's ugly
head, then it's reality time and TPTB have no choice to pull the plug or have the plug pulled for them.

let's get this clear.. the fed is feeding the beast.. so through this proxy the American taxpayer are propping up this scam..

[picasso moon]

Peak oil, peak metals, peak minerals,climate chaos,.. all these are aspects of the physical world, TPTB cannot make these go away by playing accounting games and creating electronic money, and all these are NOW arriving simultaneously to crush the system.

[TheDignityofStruggle]

TPTB can get fudge the books to keep everything afloat while they position themselves for survival though.  Better use the bought time yourself if you haven't started already.

[jh355]

Sit down and wait for the FDIC Friday numbers??

[Big Scotsman]

SGS Unemployment rate = 22.1%

http://www.shadowstats.com/charts_republish#emp

[Doom2Spare]

Today really shows the manipulation of the markets.  Major unemployment doom and what does the market do?  
up 5 pts --- down 3 pts ---- up 12 pts ----- down 6 pts

News like this, announced two years ago in a 'normal' environment, would have caused a huge drop
But, not now.  Now we run on 90% pure green shoots an 10% Bullshit!