Initial Jobless Claims - the Weekly Come Out Roll For Traders

The weekly jobless claims report has become a pathetic combination of actions by binary traders and the equally speculative guessing of economists.

Who in their right mind thought that weekly claims would come down right after Hurricane Irene devastated the east coast and northeast? Are all these economists living out in Stanford and Chicago? Do they base their weekly estimates on hard data and analysis or just flip a coin and then extrapolate a bit?

The markets have turned economists into odds makers for the traders who roll the dice on every economic data point. This is another part of the mosaic which is destroying the integrity of the financial markets for investors.