Sadly, today was the 5th day in a row of no range, (some) volume, and no volatility (other than what happened early). In fact, the market has traded within a rough range of just 14-points over SEVEN full days and as such; there is nothing to write about.
The only economic data today came from the “how much deeper is the Amerikan proletariat digging himself into a debt coffin?” also known as the Consumer Credit report. A great deal of the increase has been from Amerikans in the USSA of Kleptocracy going back to, or staying in school, as long as possible.
Karl Denninger covers it succinctly here:
The only economic data today came from the “how much deeper is the Amerikan proletariat digging himself into a debt coffin?” also known as the Consumer Credit report. A great deal of the increase has been from Amerikans in the USSA of Kleptocracy going back to, or staying in school, as long as possible.
Karl Denninger covers it succinctly here:
From Bloomberg:
U.S. consumer borrowing rose for a fifth straight month in February on an increase in non-revolving credit as education loans expanded, the Federal Reserve reported today.
I'll be damned - the truth!
Note that ex-student loans there was no annualized increase. Therefore....
The increase in loans for education shows that “people are going back to school to improve their skills,” said Russell Price, senior economist at Ameriprise Financial Inc. in Detroit. “We expect consumer spending to continue growing. The recovery has the strength to continue.”
More like "people are taking out loans because they (1) can't find a job and (2) have no other way to eat. What they don't understand is that these loans cannot be discharged in bankruptcy, so when they get out and can't find a job, they're really screwed."
Ok, ok, half the truth. You knew the media couldn't possibly actually report on this accurately, right?
Well, other than the meaningless consumer credit report there was another huge earthquake in Japan, but I am ignoring it like the market did today. Moreover, I am also ignoring crude oil trading OVER $110.00 per barrel because the market is ignoring that as well.
Trade Date: 4/7/11
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