We finally got some economic news today, all of it bad

All of it "unexpected"...

Hope springs eternal on Wall Street

That's why the Federal Reserve can maintain its forecast of an interest rate hike before the end of the year

Although now a second Fed official has come out saying he doesn't think a rate hike will be appropriate this year

All this was forecasted by me; there was a method to their madness to maintain the theater that a rate hike is even possible

When is the Fed going to admit that their earlier forecast of a big recovery and liftoff is wrong?

CNBC finally admitted they do not want me on because I correctly predicted that the Fed would not raise rates

The same is true for Bloomberg

However,  the last time I was on Fox Business, that video on my YouTube Channel got over 80,000 views

That is probably more people who viewed the live show!

By the way, don't forget to like me on Facebook follow me on Twitter and and subscribe to my YouTube Channel

It's not going to be too much longer before more and more people will agree the Fed is not going to raise rates

If I am right and the Fed launches QE4, it will be hard for the conventional media to ignore me - I am not saying it will be impossible, though

These podcasts are developing a greater and greater audience, and you can help spread the word by sharing them, to get the word out

Let's get to the economic data, starting with the Weekly Mortgage Applications

This number was significant in the precipitous 27.6% drop in the composite index with purchased mortgages dropping 34%

Part of this was due to last week's big jump as mortgage applicants tried to get ahead of new government rules

But the drop is much bigger than the pop - this is a bad sign

The consensus forecast for the Producer Price Index was for month over month prices to drop .2% instead they dropped .5%

Year over year, down 1.1%; last month it was down .8%

This is bad news to the Fed, which is looking for higher inflation

The real negative news was the September Retail Sales Number

It was expected to be weak, up only .1 and that's what we got, but last month's .2 number was revised down to flat

Now we're up .1 from zero, meaning August and September Retail Sales missed expectations

This will pull numbers away from Q3 GDP

I think we will get Q3 GDP below 1%

It might be below zero, which will be the first half of a recession

We also got Business inventories, which were unchanged, but the inventory ot sales ration popped up to 1.37 - that ties the high for the move

This glut of product is bad news for the economy

The last 2 times we had inventory to sales ration this high, we were already in recession - 2001 and 2008

The worst news was Walmart's bombshell announcement that profits are suffering due to labor costs

Their sales are suffering, too

75% of the losses are due to higher wages and the balance came from lower sales

Walmart is the nation's biggest retailer and should benefit most from a stronger dollar and cheap gas

Walmart's stock was down 10% on the day, one of the worst days in the history of Walmart

YTD, it is down 33% from its highs - a super bear market for Walmart

The Left proclaims that Walmart is getting rich on the backs of the workers - a collapse in Walmart stock price is not good for workers because profits are what creates the jobs

This is a sign - Walmart is where America shops - if Walmart is having a problem, other retailers are having problems

I predicted that we would get a pop in the market out of the jobs number but I did not think it would make a new high - that's what happened

In order for the market to reach a new high, it needs QE4

As a result of this bad news, we got a decline in the market

The Dow was down 160 points, but gold had a great day

Gold was up about $20 Silver was up above $16

The Gold Stocks Index (GDX) was up 7% on the day

Oil stocks were higher