And, now on to a few false facts:
1. Reported in Bloomberg, and this is "accurate":
http://www.bloomberg.com/apps/news?pid=20601087&sid=afS8pwr.gnNk
This report shows a drop in recent unemployment findings. Hip hip hooray!
2. Reported in Briebarts, and equally factually: http://www.breitbart.com/article.php?id=CNG.4452bed82adf3124e5884678e236d7fb.361&show_article=1
This report estimates actual unemployment at 16%. Floyd projects it at over 20%
As you study with me you will learn that much of my stock work is first considered "contrarian". In actuality my work is based on how the emotions of the trader (the trader defined as a group) and how they react to FACTS, or FALSE facts.
False facts are seldom "caught" or even questioned, typically for weeks. When reports come out "correcting" data it's always in the small print. Or, even if not, the damage has been done and Americans "believe" the first false fact.
As an example, the commission proved there were no WMD in Iraq, and that there was no reason to believe there was. After this study of facts came out, 46% of Americans in a poll "did not believe the information" and "did believe" that Iraq had WMD. At that point it was too hard to change the "mindset".
Much of this occurred recently around Palin's "death panel" comment, which got publicity, and soon America began to believe. Many still do, when it's not true. Following Palin the "Karl Rove" method of creating false facts and FEAR was put in place by the RNC to "fight healthcare" (with no solution themselves) by arming America with incomplete information. This created battlefields at our town hall meetings, and idiots bringing AK 47's to the town hall meeting.
Much has been bandied about the Constitution in recent months, again mostly false facts, as I'll personally bet you that 95% of the U.S. has never even read the Constitution and aren't even sure what we are doing or not doing.
As a trader, be smart. Question all authority. Question all facts. Go into a situation you are studying with a sense of "cynicism" as the "spin" of the situation will depend on the deviousness of who is spinning.
3 months before Merrill Lynch went under it was rated a "strong buy" by Goldman Sachs. Have I said enough?
