Daily report
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12/08/09 Midday Report: Formidable headwinds, not as good as formidable head
The news driving the market down today comes from Ben Bernanke’s speech yesterday (apparently the joke about the rabbi, the priest, and the horse did not go over well) where he warned that there are still “formidable headwinds” to an economic recovery. And in an additional exercise of overstating the obvious, he also concluded that
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12/07/09 Midday Report:: Follow the yellow brick road, until it leads into a deflationary spiral and you wind up homeless
The big news in the market today is that gold is starting to fall as investors anticipate an increase in rates due to a faster than expected economic recovery (All 15MM+ unemployed people just groaned a sigh of relief, because sighing is still free, I think). So the dollar is up on this new sentiment
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12/04/09 Midday Report: Brother can I get a job? Well actually, maybe.
The market is soaring today as the payroll report was better than expected, unemployment actually dropped from 10.2% to 10% (depending on which numerator and denominator you choose to use, but those are just details), and the government significantly revised previous job loss declines. In other news, the government also significantly revised the ending to
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12/03/09 Midday Report: BAC does not need your stinking funds (well at least not until next time)
The market is abuzz today with BAC’s repayment of $45B to Uncle Sam who apparently got drunk and touched BAC in their loan loss reserves just one too many times. So to break the cycle, BAC is going to pay back their bail out funds through the profits they made by being able to borrow
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12/2/09 Midday Report: What goes up, Must go up
The market keeps rallying as it seeks to prove the little known old adage that what goes up, must go up (if it is inflated with sealed in non-decaying helium). Spurring the rally is the dollar’s continued demise. It has now not just fallen lower than Eliot Spitzer’s dignity, but is rapidly approaching Tiger Woods’
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12/1/09 Midday Report: Dubai? Do fucking buy.
Oh no, the ground is rising (or whatever the fuck the opposite of the sky is falling is). To no one’s surprise, Dubai’s finance arm related to real estate is going to renegotiate their debt and according to Dubai’s ruler, Sheik Mohammed bin Rashid al-Maktoum, there is nothing to fucking see here (except for a
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11/30/09 Midday Report: Business and Retail Activity Disagree Like My Stomach and Ten Day Old Bean Burritos That Have Been Sitting in the Hot Mexican Sun
Business activity is back as the Chicago ISM reported today its barometer rose to 56.1, the highest level since August 2008, from 54.2 the prior month . And we all know how much of a difference 56.1 is compared to 54.2, right? Oh yeah, we don’t, we just take the mindless commentary from Bloomberg/CNBC/www.Welivetogether.com (NSFW,
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11/27/09 Midday Report: Dubai? Do Sell.
Money Mcbags hopes you all had a good Thanksgiving and were able to “stuff a turkey” thanksgiving night after stuffing yourself with turkey thanksgiving day. But Thanksgiving is over now and the markets are taking a dive because apparently Dubai can’t pay off their debts. Honestly, this is about as surprising as finding out strippers
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11/24/09 Midday Report: Stocks are down as people hate spending, unless they are spending on cheap shoes
The big news of the day is that the government revised GDP data downward and consumer spending took the brunt of it (which is how it works when consumer spending is 70% of GDP, dipshits). The new estimates are that there was a 2.8% rise in GDP from this past Q vs. the previously announced
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11/23/09 Midday Report: Is Midday one word or two?
Ok, before I get to the days’ market happenings, is there a linguist in the house (and not so fast Dell Hymes fans)? Seriously, are there any cunning linguists out there to help me understand if Midday is one word, two words, or hyphenated? I googled it and there does not seem to be consensus