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Money McBags is the preeminent financial humorist and money maker in the world. While known for his ability to find and invest in undervalued equities, Mr. McBags is also a world class dick joke teller, an aficionado of lovely ladies, and avid reader of books without pictures in them. With... More
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When Genius Prevailed
  • 8/18/10 Midnight Report: Market flatter than 13 year old girl in honor of Roman Polanski's birthday 0 comments
    Aug 18, 2010 10:34 PM | about stocks: KITD, TGT, BJS

    The market was up modestly today as earnings were mixed and macro data was as non-existent as leprechauns, free will, and married women who swallow.  Seriously, macro data was more fallow than Betty White's uterus so investors were left to sift through earnings reports and finally get around to petitioning the CFA society for their money back for wasting their time getting that worthless designation.

    The only moderately interesting macro news was that mortgage refi demand reached a 15 month high thanks to record low rates, homeowners needing to find a way to lower monthly payments, and ingesting a shitload of those funny looking mushrooms.  Refi applications were up 17% which is the most since May of 2009 and indicates that homeowners are looking to get more liquid (and when Money McBags looks to get more liquid, he usually reaches for a Jack and Coke hold the Coke).  Of course the banks are likely to reject the majority of those refi applications as most are likely coming from already horrible credit risks and are going to be foreclosed upon anyway, so I guess the market has that going for it, so that's nice.

    Internationally, not much shit was going on either except in Germany where shit is always going on as scat films are the national past time (along with losing wars and slow dancing to the musical stylings of David Hasselhoff).  Germany's retail sales were revised upwards after the Federal Statistics Office Destasis (which Money McBags is obligated to point out is an anagram for "AIDS Test," something Europe's economy clearly wouldn't pass with flying colors) saw an uptick in furniture sales, household appliances, and cheese platters (and don't shoot the messenger on that one, Money McBags is just reporting the news).  With most of Europe descending back in to a recession out of which they may never have ascended, Germany is going to be a key driver of the continent's economy so an upwardly revised retail sales number is obviously good news (though not as good news as free Julia Stegner Calendars).

    In stock news, BJs choked on earnings today spitting out $.67 eps for the Q which was below analyst guesses of $.73 for which they blamed WMT's aggressive price cuts where for $10 customers can now get everything they want.  It wasn't just a bad Q that made BJs go down, but it was also...READ MORE....QUESTIONS ON KITD....

    Disclosure: Long KITD
    Stocks: KITD, TGT, BJS
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