Daily report
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6/29/10 Midevening Report: Market searches for a bottom, hopefully it’s Brooklyn Decker’s
It was ugly out there today, real ugly, like a Lady Gaga– Alan Greenspan love child with a bad case of facial neurofibromatosis. Investors are worried that China is slowing down (they are), that Europe won’t be able to roll their debt (eventually they won’t), and that US consumer spend will shrivel up like Khagendra
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6/28/10 Midevening Report: Finance ministers come together as G-20 hits the spot
Stocks were bouncing around today as macro data came out, courts made some rulings, and the Unicorn meat industry took a hit. Consumer spending numbers were reported and shockingly, income grew faster than spending which means that either the numbers are going to be adjusted later, consumers had their credit card lines lowered significantly, or
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6/25/10 Midafternoon Report: New finance legislation may cause banks to find different ways to screw customers
The market is up today after congress reached an agreement on legislation to better regulate the financial services industry after only two short years of debate and an economy that people have less faith in than Scientology. The legislation, being called the Dodd-Frank bill (and Money McBags only laments that Senator Tim Johnson did not
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6/24/10 Midnight Report: Market dials up LifeCall as it has fallen and can’t get up
The market tanked at the end of the session like Money McBags’ day which has caused today’s column to be late, short, and in need of one more read through, but it is what it is. You see, Money McBags was cranking away at his terminal, busily breaking down the news, perusing 10Ks for cheap
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6/23/10 Midafternoon Report: Economy of Stale
The market was only marginally down today despite terrible macro data and a Fed statement about as optimistic as Nouriel Roubini at a funeral (the funeral of course would be for the US economy). New home sales dropped 33% to a record low as once again, and for all of you keeping score at home,
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6/22/10 Midafternoon Report: Home Un-Improvement
The market had trouble finding a direction for most of the day as news is thin and the summer is beginning so most volume is moving to the Hamptons where portfolio managers can sip on lemonade, listen to yacht rock, and denigrate the poor all while ignoring the economic data which has been so lackluster
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6/21/10 Midafternoon Report: China drops its peg, exposes its growing yuan
The market rallied today in the morning like a chubby chaser with a bottle of crisco on his way to a Peter Paul Rubens exhibit until it faded in the afternoon thanks to common sense and volume. Rallying the market in the morning was news that China is going to unpeg their currency from the
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6/18/10 Midday Report: Gold hits new highs, silver plans an intervention
It’s quadruple witching Friday today in the market which is unfortunately just the day where stock index futures, stock index options, stock options, and single stock futures all expire and not the day where the market finally gets a 5-some with Elizabeth Montgomery, Barbara Eden, Melissa Joan Hart, and Omarrosa. While this is usually a
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6/17/10 Midafternoon Report: New claims for unemployment claim the economy still sucks
The market didn’t do much today as it tries to come down off its volatility high which was fueled by mass uncertainty, broken technical barriers, and a fuckload of pixie sticks. In macro news, new claims for unemployment were much worse than analyst guesses and also once again tested the (No) Labor Department’s ability to
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6/16/10 Midday Report: BP sets aside $20B to be used on an oily day
First of all, Money McBags would like to thank all of you for your feedback yesterday. His inbox is currently overflowing like Whitezilla’s urethra after downing three cases of Mountain Dew in ten minutes (and feel free to google “Whitezilla” on your own time, Money McBags refuses to link to it due to good taste)