With Greece facing another week of deadlines, today a legend in the business sent King World News a powerful piece about the state of the world we live in after 6 years of zero interest rates, $4 trillion of QE and $20+ trillion of global stimulus.

From Art Cashin's notes: Further Foibles In The Payroll Numbers – In his weekend note, my friend and fellow market veteran over at Option Investor cited some other disturbing anomalies that lay beneath the surface of Friday's payroll report.  Here's a bit of what he wrote:

The best comment I heard on Friday came from Larry McDonald, managing director at Societe Generale. He wanted a number well over 300,000 jobs. He said we should not be excited by an economy that is averaging +191,000 jobs after zero interest rates for six years, $4 trillion in QE and $20 trillion and rising in global stimulus.

He said when the financial crisis began in 2008 we had 23 million full time jobs in America. Today there are only 21 million. Over that same period the population has grown more than 20 million. In April full time jobs declined by -252,000, the most in nearly a year, while part time jobs rose by +437,000, the most since last June. There is something seriously wrong with that scenario and we should not be celebrating a Goldilocks number.

To me the most sobering of those numbers is the 23 million full time jobs in 2008 versus 21 million today, despite a population growth of 20 million.  Not much progress in those numbers.

Consensus – The week could be very important as once again we are pressing on an iron ceiling, which has stopped the rally time and time again.  The S&P needs to close conclusively above 2118 to punch through.  The Dow high is around 18288.  The ten year yield will also rivet traders' attention.  Stay wary, alert, and very, very nimble. ***ALSO JUST RELEASED: Elites Consolidating Power As The War In Financial Markets Continues To Rage CLICK HERE.

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