More BLS BS

Wow.

I could wax poetic and philosophic again about the BLS BS report and the reporting/discussion on CNBS. Nah. What's the point? Instead, I'll just give you this definition from Wikipedia. It pretty well sums it up:

"Disinformation is false or inaccurate information that is spread deliberately with intentions of turning genuine information useless. For this reason, it is synonymous with and sometimes called black propaganda. It is an act of deception and false statements to convince someone of untruth. Disinformation should not be confused with misinformation, information that is unintentionally false.

Unlike traditional propaganda techniques designed to engage emotional support, disinformation is designed to manipulate the audience at the rational level by either discrediting conflicting information or supporting false conclusions. A common disinformation tactic is to mix some truth and observation with false conclusions and lies, or to reveal part of the truth while presenting it as the whole (a limited hangout)."

I think markets are funny. They kind of learn, like a dog or some other pet. TPTB attempt to manipulate money and order flow but when their attempts to manipulate come too frequently, the market starts to ignore them. A simple case in point is central bank intervention in FX. It used to be feared by nearly everyone. Now it happens so frequently that its part of the game. The BOJ used to be feared by commodity traders worldwide. Now the "half-life" of a BOJ intervention is about 30 minutes. I mention this because of this headline:
http://www.bloomberg.com/news/2011-02-04/cme-raises-margins-for-silver-copper-platinum-after-today.html
Two months ago, a margin increase was met with a 10% drop in silver in two days. Hmmm. Now look at today's copper chart:

Now, I don't have all the specifics yet but this chart looks like the "big margin announcement" has had a positive impact on price. Again, hmmmm.

The PMs are once again following their typical "First Friday" action. Sell off on the manipulated headline number...rally back strongly once the smart money gets into the weeds and sees just how shitty the report actually is. I have a last here at 9:45 of 1357 and 29.19. As we head into the weekend, here are some levels to watch. In gold, we're probably in for a 2-3 weeks UPward consolidation as we slug through some stickiness. See here:

In silver, again please remember the adage about support becoming resistance. We will run into some sellers up near 29.50 and, from there, all the way up to 30. It might take all of next week to tack on the $0.80 we need to break through. Be patient.

That's it for now. Will update as needed. TF