WE’RE TALKING MEDIA BIAS AND THE EFFECT THE MEDIA HAS ON THE ECONOMY. WE SAW IT LAST WEEK. THE INSTITUTE FOR SUPPLY MANAGEMENT ISSUED AN INCORRECT REPORT ON MANUFACTURING AND THE ECONOMY. THEY REVISED IT HOURS LATER TO REFLECT A MORE POSITIVE OUTLOOK. I GOT MICHAEL CARR’S TAKE ON THAT. HE IS THE EDITOR AT PEAK PROFITS DOT-COM. AND I ASKED HIM IF THIS WAS AN HONEST MISTAKE.
“Not this was an honest mistake. Reports with a great work of fiction. They do a seasonal adjustment to the results. All of a sudden economy grew. We don’t know what the report said. We can watch revisions come in. Right now we’re seeing revisions slowing down. We are turning point and see unemployment rise in the coming months. We have bigger population than at start of the recession. Unemployment rate is meaningless. Fewer people supporting the population. We only get what the reporter feels we need to hear about.”
JD 4:34-4:47: WE’RE TALKING WITH MICHAEL CARR, A FREQUENT CONTRIBUTOR TO MONEY NEWS DOT-COM. TO TAKE THIS FURTHER ABOUT THE EFFECT OF MEDIA BIAS ON THE MARKETS, HE HAS LOOKED AT THE EFFECT OF THE JOBS REPORT ON THE MARKETS.
21:56-22:35 “I did. On the day of the jobs report … more volatile. Significant for short term traders. Can take advantage of that. Expect an upward bias in the market that day.”
JD: 4:53-5:29 HOWEVER, MIKE WARNS YOU SHOULD NOT BE TRADING STOCKS ON THIS INFO UNLESS YOU ARE AN EXPERIENCED DAY TRADER WITH LOTS OF TECHNOLOGY TO COMPETE WITH THE BIG TRADING FIRMS. AND THIS IS PART OF WHAT MIKE OFFERS WITH HIS PEAK PROFITS REPORT -- TRADING SYSTEM.