It'll Be Interesting Tomorrow (Updated)

So it really looks like tomorrow is going to be a very interesting day.  Will there be some kind of Central Bank action to propel the markets above key resistance, or will the previous recession looking chart come back into form?  Only time will tell.  We may even know by tomorrow morning when we wake up as Europe will probably determine this one.

Three times in the past week 12,200 held.

It looks like 6 times 12,200 held as the ceiling since the end of October.

This holds true dating back to a month ago when this same level needed to be taken out if the deep recesses of the abyss were to be avoided.  Right now is about the time at the one week mark that the swap happened.  It looks like we will be in for a rough rest of this week, but who knows what Uncle Sam, Bernanke and the rest of the banks and media have in store for us.  

It may just be a Festivus miracle.

But it sure doesn't look like it.


UPDATE: 12/7/11 9:00

And there you have it...it tried overnight to get over and stay at about 3-5am over in Europe, but it didn't last.  Now to see how far it drops until there's more intervention or another recession (or continuing depression if you want to call it that).

Here's some news about that topic this morning.
http://www.ft.com/intl/cms/s/0/3d23a05c-20cc-11e1-816d-00144feabdc0.html#axzz1frYhv8Yj
http://uk.reuters.com/article/2011/12/07/uk-britain-manufacturing-idUKLNE7B601120111207
http://www.reuters.com/article/2011/12/07/italy-output-idUSL5E7N71KZ20111207

And here's a nicely done chart from Zero Hedge showing exactly why they had to drop the swap rate last week...because it was needed by somebody quickly.

http://www.zerohedge.com/news/we-just-had-rerun-bear-stearns-when-lehman-coming

Overdraft Fees

This was just a little something that I saw on Zero Hedge, linked from the Pew Charitable Trusts that everybody should be aware of if you keep low balances and are in danger of overdraft fees.  I don't know if Wells Fargo still does this, I don't know if other banks have or will do this.  But you should probably be aware as it's happened in the past to other people.  Don't assume that just because you purchase something at different times, that those transactions clear the bank in that order.  Think of it like writing a check, who knows when that check will be taken out of your account.  Just make sure you don't spend more than you have.

http://www.pewtrusts.org/our_work_report_detail.aspx?id=85899364999

Unemployment down?

This has only an indirect relation to money, but it is WHY we all work, and HOW we get our money, so it's important to follow.

Here's the headlines today...

JOBLESS RATE DROPS TO 8.6%

http://finance.yahoo.com/news/jobless-rate-drops-8-6-133402269.html

http://www.marketwatch.com/story/us-jobless-rate-falls-to-86120000-jobs-added-2011-12-02

We can all bask in the glory of an economy getting better!  Hooray!  Markets are all up this morning.  Everything is great again.

Well, not quite.  The BLS numbers mean very little.  These are the charts and numbers you want to look at, not the headline unemployment rate. So you can ignore everything you hear about unemployment on TV, newspapers, news sites. 

You just need to know it's not good, and it's not getting better.  And when a bunch of people you know are still out of work, or can't find a job, or a good job, you can think about these charts and understand why what you hear in the headlines doesn't match what you see in reality.

 




All courtesy of...
http://www.zerohedge.com/news/key-charts-nfp-report-records-jobless-duration-and-people-who-want-job-civilian-labor-force-plu

So until these charts change, don't expect anything else to significantly change out there.