Fri, Sep 2, 2011 - 9:36am

For this month's version of hilarity, CNBS chose to bring back Wyatt Earp. The guy is seriously bad luck for the status quo Keynesians. The last time we saw him, back in December, the BLSBS came in surprising low. We discussed it then on the old blog:

Today, Wyatt brings with him not just a surprisingly bad BLSBS, he manages to spread his bad luck back into last month's report, too. And it's not just a lousy payroll number of +5000 or +25000, it's ZERO. ZILCH. NADA. Somehow I think ZERO is even worse.

All of the talking heads (with the possible exception of David Byrne) will be spouting the BLSBS number today in their reports. But instead of the same old nonsense that has numbed virtually everyone who happens to be listening, today the only word people will hear is ZERO. Not "the economy gained 22,000 jobs" or "in August, the economy shed 5,000 jobs". No, today the sheep will hear ZERO. "The U.S. economy added ZERO jobs in August." Ouch. Neither The Shill nor The Coug could spin that one positively. The LIESman Shiny Head Index only hovered in the 3-4 range as even The Great LIESman was unable to find anything happy to say.

In the end, this should only serve to reinforce the prevailing opinion here. Namely, QE to infinity. There is no way out. Tax revenues will never, ever catch back up to the funding needs of government on any level be it federal, state or local. Printing and debasing is the only option. Protect yourself and warn others while there is still time.

Onto the charts. For personal reasons, Mister Hyde finds himself sitting mostly in cash. (His "status" will officially change next Friday so I would highly encourage all single lady turdites to send him a private message of congratulations.) Hyde asked me this morning if it was too late to buy. Two things to know:

1) It is never "too late" to buy the precious metals. Prices will be higher next month. They'll be higher by Thanksgiving. They'll be higher still in 2012. get the picture.

2) By virtue of today's price action, both charts looks extremely bullish. IF gold can close above 1880 or so and silver can close above 42.50, both metals looks poised to have exhilarating weeks next week. Keep in mind that most everyone will be back from "holiday" then, too, and we will see a significant increase in volume and open interest. With OI already so low in both metals, you can safely assume which side of the OI will expand.

Lastly, I mentioned above the idea of "private messaging". I promised you last month that we would add this feature as well as an "ignore user" function. In case you haven't noticed, both options are now available. The Turd listens and acts! Thanks to the Tech Team for implementing these additions and thanks to all who supported last month's Turdathon to raise the necessary funds to help cover the costs. We are still taking improvement suggestions and I hope to have more projects and Turdathons soon. I'll keep you posted.

I have lasts of 1879 and 42.88 so we definitely have a rooting interest in today's action. Have a great day. Have a fun day. Smile and be happy. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 2, 2011 - 2:13pm

IT's safe to comeback Ginger

Good call yesterday G, I think a few of us got on with life only to be surprised today.

Can someone tell me how to get to the Dimwit forum and how to bookmark. I'm a tech idiot.

Bay how was your trip? I come go stay madlands 9/6 - 9/23 DC,NYC, Beantown.

Sep 2, 2011 - 2:14pm

I receive Schiff's

I receive Schiff's newsletters and he is very strong on SVM, over the long run of course.

Sep 2, 2011 - 2:18pm


it is possible to buy any whole number of shares. not possible (as far as i know) to buy fractions of a share. scottrade charges the same commission for any number from one up.

there may be some brokers who charge an "odd lot" fee for orders other than in lots of 100. i know such a thing used to exist, but haven't heard of it in years.

Grigeo DefiniteMaybe
Sep 2, 2011 - 2:19pm
Economical Disaster
Sep 2, 2011 - 2:20pm

Nuclear expert says Fukushima radiation coming to USA, massive

..cover-up underway...

Millions of gallons of contaminated water are being dumped into the Pacific in addition to radiation particles floating on air streams. So ocean currents are assisting air currents, exposing the world to excessive radiation.
Sea life is getting contaminated as well. The most dangerous radiation comes from radioactive particles ingested with contaminated foods. It only takes a few ingested particles to create intense health issues or death. Seems wise to avoid northern Pacific Seafood and Japanese Teas from your diet for the near future.

The easiest sign of food chain contamination comes from high radiation readings on milk. And what little data has leaked from normally scheduled testing across the United States has shown increased radioactivity in water and milk. But the USDA is not testing organic milk since that's not part or their job description. Raw milk is another issue. There should be even more concern over Japan's food exports, especially tea.

Before the actual extent of Japan's crisis became evident, Chris Busby, a professor at the University of Ulster weighed in with a realistic early warning. "Fukushima is still boiling its radionuclides all over Japan," he said. "Chernobyl went up in one go and Fukushima is worse."

Learn more:
Blue Sky Rui
Sep 2, 2011 - 2:20pm

Pro's left yesterday!

I don't have or never will have SVM but I wouldn't be waiting for the jumping out of airplanes to signal me to sell and I even ignored that with BRE X.

Why would anyone buy this when there are so many beaten down miners around. If you are trying to average down wait until it's on the way up again after it hits the ground at least twice and buy when it's firmly in an uptrend.

The falling knife cuts every time.

Heed Eric O's comment from this am.

The Vet
Sep 2, 2011 - 2:21pm

SVM - Not advice to anyone

but I increased my short naked put positions in the nearby month... ($6 and $7 strikes) Puts can always be rolled out if the recovery takes longer than expected. I'm still bullish in other words... These sorts of opportunities to make easy money are rare.

Looking at the SVM stock tick by tick raw feed, it's amazing that there are no really big trades going through. Just lots of small trades with some obvious HFT pattern algorithms active as well.

Sep 2, 2011 - 2:22pm


The only reason I'm having a hard time is the fact that all this was started buy someone who is not will to reveal themselfs......

What to do what to do ??????? I was hoping to wake up to a great money making day instead this B.S !!!

Sep 2, 2011 - 2:22pm


I went back and looked at the way you decide whether to roll to another month...

I have 2 puts Oct 11 $7

stock price $7.27 (averaging around there)

strike price $7

intrinsic value- .27

option price for sept $7 put - .90 ask

option time value- -.63 so in negative territory

so according to you roll it... ok I am following you but where do I roll it to? That part I do not know yet and I don't see where we discussed the next part. Thanks for teaching me!!!

Sep 2, 2011 - 2:22pm

@ Baseball 13 ~ Hat tip to ya

@ Baseball 13 ~ Hat tip to ya and thanks for your thoughts! Depressing as they are, but good to be realistic rather than gullible.

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Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Key Economic Events Week of 8/5

8/5 9:45 ET Markit services PMI
8/5 10:00 ET ISM services PMI
8/6 10:00 ET Job Openings
8/8 10:00 ET Wholesale Inventories
8/9 8:30 ET Producer Price Index

Key Economic Events Week of 7/29

7/30 8:30 ET Personal Inc/Spending & Core Inflation
7/30 10:00 ET Consumer Confidence
7/31 8:15 ET ADP employment
7/31 2:00 pm ET FOMC Fedlines
7/31 2:30 pm ET CGP presser
8/1 9:45 ET Markit Manu PMI
8/1 10:00 ET ISM Manu PMI
8/2 8:30 ET BLSBS
8/2 10:00 ET Factory Orders

Key Economic Events Week of 7/22

7/23 10:00 ET Existing home sales
7/23 10:00 ET Richmond Fed Manu Idx
7/24 9:45 ET flash Markit PMIs
7/25 8:00 ET Count Draghi/ECB policy meeting
7/25 8:30 ET Durable Goods
7/25 8:30 ET Wholesale Inventories
7/26 8:30 ET Q2 GDP first guess

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

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