JOBS. IT IS ONLY AN ESTIMATE!

The whole world awaits the November "Jobs Report" due this morning at 8:30 AM. They wait on the edge of their seats to be spoon fed more lies and deceit from the US Government. Anybody that believes these monthly jobs reports actually represent real jobs needs to have their head examined. Please bear in mind that ANY jobs "created" last month are temporary seasonal jobs to help usher the crush of shoppers flocking to shopping malls, plastic in hand, to purchase goods marked down to fire sale prices just to "turn a buck" in this most precious of annual retail sale periods. None of these jobs are high paying jobs that can support a family. Last months "jobs report" was so full of malarkey that it claimed jobs in the financial sector were created by the thousands...and that after reading all month about the layoffs in the mortgage sector. The jobs report is a monthly joke. It ceases to amaze me how the pawns on Wall Street eat it up.

How many of you folks realize that most retailers, excluding food stores and home improvement stores, get at least 50% of their annual sales from the shopping period between the day after Thanksgiving and Christmas Eve. 50%! It's do or die time for the likes of Macy's , Target, Wal-Mart and Best Buy. The government PR machine is going to work overtime to spin the daily news into cotton candy in an effort to keep a halcyon induced smile on everybody's face.

No Quick Fix for Subprime Mortgages- AP
Be ready to wait if you want to get information from a toll-free hot line about freezing the interest rate on your subprime mortgage.

Case in point this hokey subprime mortgage freeze. Last summer Mr Bush comes out and says everything will be alright because subprime borrowers can refinance their mortgages with an FHA loan. There was joy in the streets, the President said exactly what the peeps wanted to hear. LOL! Never happened. You can't get a loan from the FHA with bad credit. And you can't get a rate freeze with bad credit either. More HOT AIR from Washington.

The Dollar has caught a tiny bid overnight in anticipation of this revered jobs report. Estimates are for 70K jobs in November. The overrated ADP payroll report claims 189k jobs were created. This number is trotted each month to help justify the jobs created by the Labor Departments "birth/death" model used to ESTIMATE job growth. These are "phantom" jobs the government "thinks" were created in the prior month. And that in a nutshell is the real truth about the monthly jobs report: IT IS ONLY AN ESTIMATE! How many jobs are actually created each month in the USA, nobody really knows.

Data Grim for U.S. Buck
So what about the greenback? Despite the talk of a bottom for the greenback—including the contrarian signal of The Economist cover—the commercial traders in U.S. dollar index futures have now reduced their net long position to a historically extreme low. The latest COTs data gives my dollar setup a renewed bearish signal. This caps a 10-week fall in the commercial net long position, which peaked in the Sept. 18 COTs report. This renewed signal is somewhat striking because it’s the first signal of any kind for this setup since the initial bearish signal that came way back in Oct. 2006. Look out below!
http://www.kitco.com/ind/roslin/dec032007.html

Gold and Silver mostly sat idle overnight awaiting the COMEX reaction to the lies out of Washington this morning. Gold sits poised to rocket higher on a break of 807. Silver did well yesterday to close above 14.40 and the neckline on our 4-hour head & shoulder reversal bottom. Today should be interesting as we close out the week in anticipation of next weeks sacred Fed meeting. A bid for both metals is building. Today, just another day in the noisy adventures of Gold & Silver's Trip To The Moon.