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4/28/10 Midafternoon Report: The debt claims in Spain fall mainly down the drain

|Includes:BWLD, CMCSA, CRUS, DOW, Super Micro Computer, Inc. (SMCI)

Same shit, different day.  The markets continue to bounce around on news of Europe's impending doom, though this time not by the Daleks or the smell emanating from Posh Spice's girl power, but rather from bankruptcy.  While Angela Merkel continues to tease Europe's proverbial cock with her low cut dresses and constant pledging of support to Greece only to quickly pull that support back like Lucy pulling back a football when Charlie Brown is about to kick it, the US vigorously debates financial reform (only whatever the exact opposite of vigorously is).  Unfortunately Senators accomplished nothing in their questioning of Goldman Sachs yesterday as Lloyd Blankfein, or his doppelganger, answered every question asked to him by simply squawking "inconceivable."  When Senator Carl Levin responded "I don't think that word means what you think," Blankfein pointed to the clock behind the Senators and quickly downed a vial of iocane powder while they weren't looking thus ending the day of questioning.  With the drama out of the way, Democrats and Republicans can now get together and argue the merits of real financial reform and agree to sweeping legislation that will correct the wild west of Wall Street where incentives to cheat the system are more perverse than a Vincent Gallo film.  Oh wait, politicians can't even agree to start the debate as they are too busy trying to keep their egos from running in to the common sense portion of their brains.  At least the interests of the American people are at the forefront of all of this, and yes that was sarcasm.


Anyway, macro data was light today with markets anticipating the Fed notes in the afternoon (and as an aside, Money McBags was privy to one of those notes before it was released and it read:  "Janet, when you said you "liked me" did you mean you "like liked me" or just "liked" me.  Circle one.  Bennie B.").  The only economic data is that mortgage applications fell, though that was driven by a lack of refinancing as purchase applications were up 9% with 50% of that gowth coming from people trying to get the $8k government tax credit before it runs out.  These are just more signs that we are skidding along the bottom (though if it were Alexis Texas' bottom, Money McBags would happily enjoy the skidding) and the question remains how long will it take for a real recovery to occur and will Europe going bankrupt deter further growth.


As for Europe, the Greek financial crisis rages on and has now become the second longest greek saga after the Iliad.  However, there was a new wrinkle to the mess in Europe today and that was Spain being downgraded from entree to tapas by Standard and Poor's.  Apparently the 16 hour work week and 24 hour siesta week has finally caught up with the Spanish.  Now Money McBags isn't calling them lazy, but their top tourist attraction is a church that has been under construction since 1882.  Seriously, when it's finished it better have one hell of a good organ and some pimped out confessionals as only Joan Rivers' face has had construction lasting that long.  Anyway, Germany is back to bailing out Greece as expeditiously as possible, or until tomorrow, which ever comes first (and Money McBags bets whichever one is watching Helena Mattsson will come first) so the markets will continue to bounce around this uncertainty.

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Disclosure: Long CRUS