We had some conversation in Peoplenomics about the virtues of cowardice and sure enough, I got so twitchery at the lows of yesterday’s session that I blew out of my short position and am now sitting with 58ยข worth of cash, wondering why bother? Not a bad move though, since gold recovering a bit this morning and if the Durable Goods order isn’t too bad, and people don’t panic with the HP layoff notices just out for nearly 30,000, the rally has a chance of maybe S&P 1,343 – 1,345 level but then perhaps only as far as our two crash date ranges we’ve been talking about with subscribers.
Oh, well, speaking of the How Good, How Durable report...
New Orders
New orders for manufactured durable goods in April increased $0.3 billion or 0.2 percent to $215.5 billion, the U.S. Census Bureau announced today. This increase, up two of the last three months, followed a 3.7 percent March decrease. Excluding transportation, new orders decreased 0.6 percent. Excluding defense, new orders increased 1.2 percent. Transportation equipment, also up two of the last three months, had the largest increase, $1.3 billion or 2.1 percent to $62.2 billion. This was due to motor vehicles and parts, which increased $2.3 billion.
Shipments
Shipments of manufactured durable goods in April, up four of the last five months, increased $1.5 billion or 0.7 percent to $222.7 billion. This followed a 1.0 percent March increase. Transportation equipment, also up four of the last five months, had the largest increase, $1.9 billion or 3.1 percent to $63.8 billion. This followed a 2.3 percent March increase.
Unfilled Orders
Unfilled orders for manufactured durable goods in April, down following twenty-seven consecutive monthly increases, decreased $0.7 billion or 0.1 percent to $985.3 billion. This followed a slight March increase. Transportation equipment, down two consecutive months, had the largest decrease, $1.6 billion or 0.3 percent to $566.4 billion.
Earlier the market was pointing upwards and since it’s done 30 S&P points off the bottom, one and a half times that (45 S&P) points) isn’t a bad dart, but how manic the market can be for the next couple of days should be instructive.
I don’t suppose I need remind you that markets tend to rally about holidays and with the long weekend ahead, that’s not a bad dart to toss. Pump and dump today and into tomorrow before smart money heads out.
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A couple of readers asked if the Dow ending down 6.66 Wednesday meant anything: Some of the people, some of the time, perchance? If we were down 666 (no decimals) I might care, but in the meantime please, we have semi-serious work to do, which I’m sure I’ve mentioned 66.6 times…
Got Gas?
Before heading out for the weekend, a quick look at the Triple A Fuel Gauge Report shows that premium is running $3.982 and a year ago it was running $4.099.
No, that’s not much of an improvement, but as a wild-eyed optimist, I’ll take anything I can get. Biggest improvement in pricing was in regular while diesel prices (possibly to punish pickup drivers and OTR truckers) is still higher than premium a lot of places. The crazy reason is that “Being heavier, it has more BTU’s and can do more work per gallon…” but more likely, diesel is priced as it is because those that can be screwed will be. It’s the corporate pricing-model way – just like the cost of education has gone up (chairs are cheap!) but systemic price victimization trumps all.
Drones On The Range
Got a strange email about people in College Station, TX hearing helicopters and gunfire in the past day or three, but don’t know if it is related to the story about the use of domestic drones in the US and how that may be headed in the direction of becoming armed drones here pretty quick.
The military use of drones (8 killed in Pakistan overnight) is enough, don’tcha think? This ain’t the Balkans or the sandbox….or maybe it is going that way.
Reminds me of the joke back in the day on the streets as a beat reporter “Yeah. George, if you don’t freeze instantly, you’re get a warning shot right through the back…” How many people have Tasers killed already? No lethal to whom? Oh, were a foil shirt and then you’re a suspect…see how silly this gets, health condition, or no?
Wait! What about a whole new industry on conductive shirts? Permits to wear? OMG we’re onto economic expansion now…
“Yes officer, I’m wearing a metallic thread T shirt and here’s my underwear permit along with my CC permit, state reciprocity list, driver’s license, insurance papers, two photo IDs, passport, voter registration.. and you’ll find the partridge and the pear tree are in the truck, mein herr.”
Next thing you know, there will be automatic street-sweeper canons hooked up to all those facial recognition cams being build into traffic signals…warning shots only, of course. Dead? You shouldn’t be…
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Just a quick reality check: The US has managed to hold off generalized recognition that we’re in a Second Depression – and have been since the market highs in 2000, which have never been bettered on an inflation-adjusted basis. One of the ways this has been done is creation of a truly terrornoid populace which puts up with bullshit like arming drones.
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Related: In a free country tossing people in jail is not a growth industry…but if you want a set of data to look at, draw yourself up a chart of the number of prescription tranks being pushed by the “doctors” who have largely turned into shills for big pharma and then draw up a chart of spending in the criminal just-us system. Overlay and behold. You getting this, yet? “Tell your doctor!” Crap. Supposed to be them telling us… Say,, you going to that seminar in Hawaii this year?
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And – if you’re still skeptical about this being the Second Depression in stealth mode, I’d ask you to look at what Americorps.gov does. If you have eyes to see, this is obviously the New and Improved (same old) Civilian Conservation Corps and Works Progress Administration of the previous depression rolled up into pseudo-liberal packaging. Kinder, gentler, but same old nevertheless. It’s why the sandbox wars since the Bushies. FMTT. People are blind, dumb, and lazy, though in no particular order.
Maybe when you find your retirement gone you’ll believe… Let me get off the box now…Don’t forget to have your “anti-terrorism” grant postmarked on time…we want to give your community back some of the plunder, a few cents on the dollar, anyway.
With Friends Like This Dept.
While the West is still trying to jawbone Iran into a more sensible policy that nuclear development (and the open-secret parallel nuke project) there’s concern being expressed on the Debka site that Japan is already breaking the embargo.
Not that with nuke plants offline and the threat of even bigger dangers to come like they have much choice. Survival often comes down to ugly choices and that’s the “flavor of the future” – more and more ugly choices with a downward bias in the average.
Show me the Money Dept.
South Carolina is moving toward making gold and silver coins legal tender. Want to make a side bet on how crazy this will make the feds&Fed?
East Coast News Bias?
So this morning NYC police have a fellow in custody in connection with a 1979 disappearance of a 6-year old. Good on them and all, but if the same story happened in San Bernardino, Helena or Salem, it probably (almost certainly) would not generate the headlines this one seems to be getting.
Condolences to the family and all, but with all the mess we’re in, is a 1979 disappearance really the lead item in a world of 7-billion people? ViseGrip me, pleeze….
Lost In Space
The first private supply spacecraft ever flew by the International Space Station in the past few hours. Missed.
I’ve had the same problem with pizza deliveries myself…
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