Thursday, April 2, 2009

Unemployment On Elm Street, Market Shrugs

Initial jobless claims: upward revision for February to 657K, March survey: 650K, actual 669K

Continuing claims: upward revision for February to 5567K, March survey: 5590K, actual 5728K

Market takes one look and forgets: bad news are swept under the market as "in two-three quarters" all will be fine, in the meantime, seasonally adjusted numbers about retail, housing and durable goods spark feverish rallies. Seems market is happy to clutch at straws even as trillions in consumer purchasing power go poof.

As an aside, maybe the best sign of the rally mindset out there is that reverse mortgage ads are back on CNBC. Nothing like monetizing that "equity" in your home. Sphere: Related Content
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Anonymous said...

We've been down so long, it looks like up.....Sad

Anonymous said...

ML ads were on CNBC right before ML died too