Since the inception of this site back in 2010, we've referred to the monthly jobs report as the "BLSBS". Why? It's generated by the Bureau of Labor Statistics (BLS) and its nothing but statistical guesswork, which generally makes it bullshit (BS). In the fully-politicized election cycle of 2024, the term BLSBS has become more appropriate than ever.
Again, no need to just take my word for it. See for yourself below. The "facts" of today's report is that the US economy supposedly added 206,000 new "jobs" in June as the unemployment rate rose to a three-year high of 4.1%.
But how much of that is actual factual and how much is just statistical modeling designed to generate an outcome that gooses the stock market and allows The Blue Team, led by PETUS, to go out and publicly proclaim the robust success of their economic policies?
To that end, consider the items below:
Oh, and in case you need a reminder, that May BLSBS...the one that was just revised lower by 20% from +272,000 to +218,000...was released on Friday, June 7. That "huge beat" was used as rationale to smash CDG for $66 that day while CDS was crashed for $1.93. Do we now get to "revise higher" those losses and make price $2430 and $33? Nope.
And here's a little more BS for you...
So, anyway, I could go on but you get the point. Just more politicized garbage where it's OK to tell the biggest lies you can imagine if you determine that it's justifiable in order to help your cause. And everyone's in on it. The mainstream financial media, the bankers, the brokerage firms, the fund companies...everyone. They all promote the LIES and SPIN for their own selfish agendas. It's truly end-of-empire stuff and you would be wise to take notice...again.
As for the "market" reaction....
The yield on the 10-year note went haywire on the BS headline but then came back to earth...all within the first few minutes. It's now down just one basis point since 8:30 ET and three bps on the day.
The POSX did the same. It spiked on the headline and then plunged immediately after. It's now basically UNCH since 8:30 ET.
And so...the Comex PMs look like this. CDG is actually about $7 higher as carbon-based traders begin to see through the BS and CDS is actually a little north of $31!
Now don't let your guard down. The final PM Fux of the week is in 30 minutes and the Comex remains open for another 24 hours. However, IF we can hold here, we're going to have some pretty green candles painted onto the weekly charts. So hang in there, keep an eye on things and then check back later for a full weekly summary podcast.
TF
