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7/9/2010 Midafternoon Report: Investors get excited and take off their shorts to allow long exposure to grow

|Includes:BBRY, Alphabet Inc. (GOOG), NTZ, TSYS

It's a quiet day newswise and thus the market is deader than the Cleveland Cavaliers as it awaits the start of earnings season next week.  Dominating the news today are non-financial matters like LeBron James betraying his home town team (and Cavs owner Dan Gilbert is said to have slept with his johnson in a freezer as he has promised revenge and literally believes in the old adage that it is a dish best served cold), the US and Russia are trading captured spies (and it's a good thing Money McBags never ran in to accused spy Anna Chapman because he would have spilled his state secrets right to her face, and her chest), and as always, Hannah Hilton remains retired.

The only US macro data released today was slightly positive (unless you actually read the release and not just the headline) as wholesale inventories rose by .5%, though that will likely be revised downward like last month's number (and every other data point released in the past two years) which was revised down from .4% to .2%.  The good news is that the inventory to sales ratio is only 1.14 which is near a record low, the bad news is that people aren't buying shit because they don't have jobs and their money is becoming more worthless by the day.  While the headlines tout the increase in wholesale inventories (which is mildly positive), they bury the part about wholesale sales decreasing by .3%, and yes Money McBags understands the difference between a leading indicator and a lagging indicator, but this is the first decline in over a year so is likely the reason why inventories to sales remain so low (ie. the people in charge of stocking up see sales slumping in the future and thus are keeping inventories thinner than OJ's alibi or an Olsen twin) .

Internationally, other than a sumo wrestling gambling scandal throwing Japan in to a tizzy (and Money McBags would hate to be the officer in charge of the cavity searches in that case), news remains light.  Jean-Claude Trichet was out talking again about the EU's financial crisis and he said that it is too early to claim the crisis is over, that bank stress tests should help the recovery process (wink, wink), and that there needs to be stricter penalties for countries who ignore the EU's deficit limits such as having to move to Latvia, having to hand copy the entire novel Pride and Prejudice while listening to the melodic soul singing of Celine Dion, and having all pictures of Zita Gorog taken away.  Most interestingly, Monsieur Trichet maintained that austerity measures and cutting government spending will not hinder economic growth thereby figuratively pissing on John Maynard Keynes' ashes and Paul Krugman's soul (though Krugman clearly sold his soul to Mephistopheles years ago as it is the only way to explain his ascent to NYTimes columnist).

In the market, China renewed Google's license to operate in the country instead of revoking it or simply giving it to Sum Dum Gai.  Google could have been forced to shut down their chinese operations....READ MORE...THOUGHTS ON LAGGARDS TSYS AND NTZ.....

Disclosure: Long NTZ, Long GOOG