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In Chicago, we've grown accustom to losing. The White Sox have managed to blow their first place lead and will most likely miss the playoffs, while the cubs…don't even get me started.
So while it's in our nature to look for the dark clouds under the silver lining, all of you may have been too busy enjoying your stock market gains to notice (and that's understandable), but September was a complete disaster of a month for US economic data, almost every single report completely missed except for a few errant housing reports.
Friday, the September Chicago Purchasing Manager's Index (PMI), a measure of business activity, went negative (below a 50 reading, which indicates contraction) for the first time since 2009. Whether or not people who are accustomed to winning sports teams finally took noticed that the team can lose, the market headed south Friday. Then again, it might have been Europe, namely Spain and Ireland, where the rioting isn't about their national pastime, soccer, but a more serious uprising against the economic disasters. Here's a chart of Chicago PMI overlaid with GDP growth from Scotty Barber at Reuters for some perspective: (see chart at the top of the page) 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
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 Congratulations to the Trading Advantage Student of the day: Ed Hall from Valparaiso Indiana who made 17.5 points on Friday morning and up more than 30 points by the end of the day.
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Keep a civil tongue.