by Turd Ferguson, TF Metals Report:
It’s another slow news day but, because of that, the weekly jobless claims data got far more attention than usual. And it’s a good thing, too, as the weekly totals finally budged off of the ridiculously stable 212,000 number for the first time in weeks.
For this data to have any relevance at all, it has to eventually begin showing the impact of the hundreds of thousands of corporate layoffs. Oh sure, maybe a “white collar” job loss comes with some sort of temporary severance package that forestalls a claim for unemployment insurance. But those severance checks run out eventually and, if you haven’t found a new job, you’re going to end up in line at your local employment office.
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Since this was considered “big news” in the absence of anything else, the bond market rallied 4 basis points but it has since given back two of them.
And the POSX dumped. It fell about 30¢ in the aftermath, bounced but is now back to its LOD.
How have the Comex PMs responded? About as you’d expect. They rallied, were almost immediately smashed backward, but then rerallied to near their HOD.
As Phil Collins once said…It’s just another day for you and me in paradise.
What else is there to mention this morning? A few things. Here’s our old friend Steph pointing out to a wider audience that the most important event of 2022 occurred the first weekend of March.
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