 | Friday’s job report provided the only “down market” scenario we’ve seen lately.
The June Non-farm Payroll number of 80,000 fell below expectations of 100,000. Private payrolls missed even more, at 84,000 below consensus of 106,000. Unfortunately, for market bulls and other fans of “hopium” induced rallies, the new was not bad enough to prompt instantaneous QE3....hence, Friday’s bear market.
Moving lower down on the food chain from mammals to insects, the talk out of Europe is that the fines handed down to Barclay’s are just the tip of the iceberg. Numerous European media outlets have referenced the old saying that “there’s never only one cockroach under the fridge.” The same warning applies to banksters.
Barclay’s can’t be the only bank complicit in a scandal that affects $350 trillion of lending and derivatives that are priced off Libor. According to the Motley Fool U.K, one official claims that 20 other banks helped to rig interest rates and that Barclays is poised to 'blow the whistle' on wrongdoing at its co-conspirators.
In the meantime, it’s a different story over here in the US of A. There hasn’t been any mention of US banks involvement in the Libor scandal, which is ironic considering JPMorgan, Citi and Bank of America are all BBA member banks. One may get the impression that US regulators and politicians have motive NOT to investigate banks. Perhaps this is just one too many scandals for an already scandal plagued season (read: election year).
Did someone say cockroaches?
Trade well and follow the trend, not the so-called “experts.” Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500 - Pivot buy @ 10:53am at 1345.50 = -1.50 & -1.50 (2 lots)
- Algorithm positions (16)
- “Reading the Tape” positions (0)…combined Secret’s, Algo, & “Reading the Tape” total… +8.00
ES 1350.25 / 1344.75
POC... 1350.00
YM 12716 / 12660
NQ 2615.25 / 2596.75
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Keep a civil tongue.