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11/17/10 Midnight Report: Will Erin Go Bragh, Erin Go Bust?

|Includes: IMAX, INTX, Target Corporation (TGT)

The market quieted down today as European investors apparently have turned their focus from Ireland's spiraling deficit to wondering if they will be charged international rates for voting in Argentina's Dancing with the Stars while also strangely trying to find out who killed Tycho Brahe (and for the record, Money McBags is going with Johannes Kepler, with a tripod, in the Study).


In US macro news, the data today was more underwhelming than Apple's big announcement yesterday that they were going to be adding the Beatles to iTunes (and excuse Money McBags while he tries to stop yawning over that one) or the Science Cheerleaders' latest experiment of seeing if anyone gives a shit about science cheerleaders (with that hypothesis test of course having a sample size of double D).  Basically all of the data today pointed to a continued slowing economy where no matter how many long-term bonds the Fed buys, consumer spend will remain weak because buying bonds doesn't create jobs, except for maybe Brian P. Sack (and yes Money McBags typed "P. Sack" huhuhuhuh) and his band of merry market manipulators.


As for the data itself, the CPI rose .2% which was slightly below guesses and driven by rising gas prices (which we have now seen in retail sales, PPI, and the rate card for increasingly popular Will the Farter).  Of course excluding food and energy and looking at the confusingly named core CPI (and it's confusingly named because it strips out the actual core things that people need to consume, but Money McBags understands that economics and logic go as well together as Tony Parker and Eva Longoria or caffeine and malt liquor), the index was flat for the third consecutive month and has now risen by the smallest amount in a year since 1957 when one could still buy happiness for only a nickel (though one had to walk uphill both ways to do so).


In other macro news, housing starts hit an 18 month low, falling 11.7% to a 519k annual pace which was much lower than analyst guesses of 600k and was driven by a decline in the construction of multi-unit homes which continue to drop like Brett Favre's Q score (and his pants).  And it wasn't just home building that signaled a weak housing market but mortgage applications also fell to their lowest levels in four months as rates ticked up slightly and sellers continue to refuse monopoly money as an acceptable form of payment.  Finally, Philadelphia was downgraded by Moody's from a "shitty city" to a "really shitty city," so look out Detroit because Moody's is only about 20 years behind the curve.


Internationally, Irish bonds rallied as the UK said they will come to Ireland's aid if needed (and you would to if your banks were holding a fuckload of Irish bonds) while the EU and IMF continue to negotiate with Ireland about terms of a bail out (with the key terms used being "douchenozzle" and "wanker").  Representatives from both the IMF and EU are traveling to Ireland to go over Ireland's books tomorrow and Money McBags only hopes the Irish books they go over don't include Dubliners because that will cause representatives to sleep through the entire proceedings.  While it's not clear to Money McBags how giving Ireland ~$100B makes the global economy any better (unless the global economy gets Roz Lipsett from Ireland in the deal), since if that were the case, the IMF should just give everyone $100B and call it a fiesta, the market seems to be reacting relatively positively to the news as there is nothing more reassuring than pushing problems off until later.


In the market, Financials continue to slump as not only are their....READ MORE AT THE AWARD WINNING WHEN GENIUS PREVAILED...

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