November 4, 2023
There are always interesting comments made on social media about the state of business and markets. Here are some clips I took on Friday evening:
NFP Jobs were lower for the 16th consecutive month.
It’s wild that over half of the “non-farm payroll jobs” gains added were in gov and social assistance.
PeterSchiff (@Peter Schiff) posted: Oct.’s very weak #jobs report shows that #inflation is headed much higher. 34% of the jobs added were government workers who don’t produce goods. Meanwhile, 35K Mfg. workers who do produce goods lost their jobs. More spending and less production means higher prices. #Stagflation!
PeterSchiff (@Peter Schiff) posted: The Oct. #jobs report confirms a weak labor market. The #unemployment rate rose to 3.9%, labor force participation fell to just 62.7%, only 99K low-paying, part-time private sector jobs were added (mostly 2nd or 3rd jobs), 35K high-paying Mfg. jobs were lost, and Govt. hired 51K.
Growing the Government isn’t growing the economy (it’s the opposite in the long term)
NFP Jobs data seems dubious. Exactly 51,000 new government jobs for the third month in a row.
US Household Survey turns negative.
Recovery from a near breakdown in the S&P 500 trend.
PeterSchiff (@Peter Schiff) posted: The U.S. #Dollar Index put in a decisive top with an outside reversal week, where the index took out the prior week’s high, then closed below the prior week’s low. A dollar top reaffirms an #inflation bottom. That means the #CPI will be moving further above the #Fed’s 2% target.
The silver chart is interesting. 14-year perfect triangle. Bullish reversal candle for Oct back-testing black mid-point line + green arc, holding MA50.
So the commercials will see this chart and decide it’s finally time to unload their millions of short paper ounces? Cuz if they don’t, silver is going nowhere.
Silver 23.70 needs to be reached for a breakout. Until then is only time erosion wobbling.
COMEX SILVER VAULT TOTALS DROP 215K OUNCES
– Registered rises 98K oz.
– Open Interest now equals 239% of all vaulted silver and 1,665% of registered silver.
In the land of divergences, this chart is king.
PeterSchiff (@Peter Schiff) posted: Bond traders have it wrong. Treasuries should be selling off and interest rates rising due to Oct.’s weak #jobs report. The report indicates that a #recession is coming, leading to larger budget deficits and higher #inflation, both of which are bearish for bonds.
@Carl Quintanilla posted: * MAERSK CEO: IF WE DON’T SEE IMPROVEMENTS IN FREIGHT RATES IN Q4, THEN I THINK WE’RE LOOKING AT A PRETTY DIRE 2024… WE HAVE CUT 6,500 JOBS SO FAR THIS YEAR AND WILL CUT ANOTHER 3,500 BY EARLY 2024.
@Thorsten Polleit posted: In case you haven’t seen it: US regional bank stocks fell 60% since the start of 2022.
@Alasdair Macleod) posted: The BoJ’s suppression of JGB yields is undermining the yen. This is coming to an end, forced by markets. The consequences will be felt worldwide because the yen has been the profitable financing base for interest rate arbitrage.
“The Bank of England has warned of losses from the sale of government bonds as it unwinds its quantitative easing program…” THE UK TREASURY WILL HAND OVER £170 BILLION TO THE BANK OF ENGLAND TO OFFSET LOSSES FROM ITS BOND-BUYING SCHEME OVER THE COMING DECADE. Yes, £170 billion. The hits keep coming. I see the lights of Hollywood.