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Lost in the media mess of the oil spill and stock drop is news that American employment grew yet again in April. According to Bloomberg News, the economy added 290,000 jobs in April 2010. This is by far the best monthly job performance in the U.S. in almost four years.
Unfortunately, as the president’s Republican opposition is sure to point out, the 290,000 new jobs also coincided with a slight increase in unemployment from 9.7 to 9.9 percent.
The reason that unemployment can grow while the economy also creates jobs has everything to do with how our statistics are calculated. First off, the percentage rate of unemployment is “seasonally adjusted”; meaning the government makes estimates about the number of jobs that should be available. With summer fast approaching the number of jobs available will increase, and the number of theoretically available positions slightly outpaced the 290,000 actual jobs being added.
The market is now irreparably broken - if you are trading your own money today, or in the near-future you will lose it, and you can thank the SEC, the NYSE, dark pools, Goldman and all the other "liquidity providers" and market makers. The damage control by the mainstream media has failed. The European bailout has failed. The Nonfarm number was a failure, despite Obama's attempt to spin it favorably. The entire bear market rally is finally being seen for the sham scam we have said it was from the very algo-manipulated beginning. So is it any surprise that the VIX is now double where it was a few days ago. All those who sold calls on the VIX are getting carried away in bodybags, the only question is whether the decimation there is worse than among the ranks of the carry traders. At this rate the market is likely going to close near the stop limit positions in the 1,050 range, which will push traders over the weekend to take weapons grade doses of Xanax. Alternatively, mutual and pension fund idiot money will simply sell.
CME Group has issued a statement following rumors that erroneous or irregular trades by Citigroup Global Markets Inc may have been the cause for a more than 900 point drop in the Dow Jones Industrial Average during mid-day trading on Thursday:
“While our policy is not to comment on individual participation in our markets, in light of volatile market conditions, CME Group confirmed that activity by Citigroup Global Markets Inc. in CME Group stock index futures markets does not appear to be irregular or unusual in light of market activity today.”
WASHINGTON (Dow Jones)--The U.S. Commodity Futures Trading Commission issued a warning to the market on Friday to remind participants that speculative trading limits apply throughout the trading day as well as at the end of trading.
Timestamp, 11:15 Central time
Now let's look at two charts.