The Big 3: The BLS is BS, How Low to Go, and Write Up to Write Down?

Here are the triplet thoughts I was having when I wasn't being barraged by Brangelina news today:

1. Government Lies?! Nah, Really?
2. Today's Ugly Market Reversal
3. More Writing Down Still to Come

1. Just a quick reminder that any and all data from the politicized bureaucrats who report it to us for that US government of ours: all that data is gathered through convoluted and antiquated means and then they are completely manipulated and adjusted before they are reported to you, and then by the way they are manipulated and adjusted again later anyway. Guys, the point as I have mentioned several times on this show, is ignore the lies from the government as always.

2. Don't let the green on the close fool ya. How about that long slow motion sell off from this morning's euphoric highs? Trading wise, that is probably boding for lower prices ahead in the near term if I had to guess. Of course, all near term market trading calls are guesses for that matter.

3. Before we decide that all these banks are going to eventually going to write assets back up, after writing them down perhaps too far, as I have speculated in the past which eventually might happen, it is important right now to remember that the heads of all these banks are still motivated to understate how bad things are since they are still desperately out there trying to raise cash. I'd be shorting the financials right now if I were trading.

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