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John Thomas graduated with a bachelor’s degree in biochemistry with honors and a minor in mathematics from the University of California at Los Angeles (U.C.L.A.) in 1974. He moved to Tokyo, Japan where he was employed by a medium-sized Japanese securities house. Thomas became fluent in Japanese... More
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  • June Non Farm Payrolls Were an Economic Pearl Harbor 0 comments
    Jul 7, 2009 8:43 PM | about stocks: TM, HMC

    Ouch! The non-farm payroll came in at minus 467,000. What a spanking! The monthly figure is 100,000 worse than the expectations of most suicide prone economists, and took the unemployment rate up to 9.5%. There are now 14.5 million unemployed, an all time high, at least 20 million underemployed, and who knows how many more who have taken pay cuts, unpaid vacations, and furloughs. That leaves an ever diminishing pool of employed who are going to spend us into a recovery. Commodities got slammed across the board, stocks got trashed, and for a minute I thought they were going to run out of red arrows. Traders shorting the long bond got stopped out of their positions, yet again. Looking at the data, it is clear that this is the worst case scenario. Even construction and government jobs, the beneficiaries of so much Federal largess, are still falling. Only employment in education and health care is rising. This comes on top of yesterday’s disastrous figures showing sales at Chrysler fell 42%, Toyota (NYSE:TM) 34.6%, General Motors (GMGMQ) 33.6%, and Honda (NYSE:HMC) 29.5%. At least this will put that annoying “green shoots” crowd out to pasture. The Obama crowd has to be sweating bullets now, having fired their best shot at the enemy, with no apparent impact. Here comes the “L”. Please see my “Sell in May and Go Away” report.

    Stocks: TM, HMC
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