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Friday, May 7, 2010

290,000 Jobs added while Unemployment rate goes up to 9.9% The U-6 rate goes up to 17.1%

66,000 from Census workers.

additions
February +53,000
March +68,000

Wages were flat---That's your productivity miracle. Overworked and underpaid workers.

With millions of people looking for work, that still aren't counted, the unemployment rate increases as Government employment books are as accurate as the accounting on the banks books.

16 comments :

Anonymous said...

oh the horror!

Palmoni said...

a lot of rubber neckers hoping things get worse!

Anonymous said...

i picked up some mpg, mgm, and ccme yesterday....

those guys got rocked hard this morning...rebounded a little.

what are your thoughts on mpg going forward?

are you buying again?

Palmoni said...

Bought MPG, bought everything and I bought at 10:30!!!!

hah!!!

That was it---the bear story is now OVER!!!!

Porky Pig (Meredith Whitney) on TV yesterday, Nouriel Roubini today--heck that was it!!!

Now all the bears will think that the fantasy prices yesterday, or today on the melt were real--That was it.

Over!!!

And now the ECB bazooka is next. Open up the swap lines with the Fed, $900 billion coming in, and the bear story is toast.

It was just a trade!!

Back on the bull bandwagon!!!

Anonymous said...

Welcome Back Palmoni. Have to admit, you have great instincts, you jumped out as soon as the GS story broke, and now back in at a nice discount, well done!!

Anonymous said...

did you pick up any APWR?

Palmoni said...

1oneBought the June 9 calls as my play on APWR

Anonymous said...

do you think APWR is done? my avg cost is the 11s...just not sure if it can even hit that number again

palmoni said...

Down here APWR just isn't worth selling.

Anonymous said...

thanks P..

whydibuy said...

This Palmoni makes no sense. Pretty much a mindless wildman when it comes to stocks.

Why would you ever buy mpg when the mpg-pa preferreds are entitled to receive full value and accrued div paid in full before the common gets squat??

Seems to me the preferreds should be at par ( double from current price )with accrued divs on tap before even considering the common. You would even have a better chance of some capital recovery when mpg files for bk since prefs are ahead of common in the capital stack.

P.S. I own neither, both issues will be worthless in bk.

Anonymous said...

I am scared.


Another Big crash.


Duck and cover.

Palmoni said...

"everyone" knows what you are talking about in regard to MPG's preferred--except for the people that buy the stock

I know that on many occasions you come up with these cogent arguments, but for the most part, they won't make you money.

The play on MPG is the equity value of the properties they own, and what that will be worth will be in 2012

The stock is a trading vehicle--I picked it up at 2.72 this morning.

So let's see who makes money--you shorting it at 2.72--or how about taking the price right now at 2.90? Short it here, and let's see who is left standing

Palmoni said...

wild buying at 666? Selling at 1194on the S&P?

and buying down 270 today?

whatever. You only want someone to be bearish--then the groupthink works. It's not about being bearish or bullish --it's about doing what the market allows and where you can make money.

days like today are what you get after melts. Everyone thinks the world will collapse--Newsflash--you had that yesterday!

that being said there are a ton of stocks I wouldn't touch because they are extended

but you can trade the living p*ss out of this market right now!

Anonymous said...

Palmoni, do you think we're really done? very choppy today but that might be normal...if it closes down for today does it mean weekness going into next week?

you say it is OVER...i believe but need some confirmation.

Palmoni said...

The 10:30 lows I see holding when we were down 278 on the Dow and 91 on the NAZ. As far as individual stocks--still a lot of risk--but stocks break more than the averages do.

De-risking is still going on--All the fluff stocks still need to be pruned because they won't be so quick to buy this garbage again.

But I think this morning, and yesterday's panic, were the peak anxiety level. But you have to trade them. Normally you get a check of those prices, but not with he anxiety that you had today or yesterday.

And stocks aren't bargains just because the markets hit levels that you can buy the market indexes at.

So it's good to be skeptical. It's a two sided market, and the unwinding isn't done, but I think that Thursday's last 400 points down were just fantasy prints.

And that's where we rechecked today.

If the charts look like they have a lot of air--then they have a lot of air. Just because I think the averages hit where they are going, it doesn't mean you have the all clear to go and buy.

The Chinese fluff stocks? Sales everywhere.

Treat your money as though it is sacred, and it's easier to trade.

I'm doing a lot of trading, but it doesn't mean I'm blindly ignoring risk.

Yesterday showed that anything could happen. Don't let an anything event take away your hard earned money!