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2/3/10 Midafternoon Report: Market seeking direction like troubled teen in ABC afterschool special, though with less crying and less Meredith Baxter Birney

|Includes: Home Diagnostics, Inc. (HDIX)

The market is mostly lower today despite some moderately postive macro reports (moderately positive in the way that learning you have syphilis is moderately more positive than learning you have nut cancer).  The ISM said the service industry expanded in January for the first time in three months, which may be one reason RICK is bouncing back today since they provide the type of service into which all industries should be expanding.  While the ISM's index for the service industry rose to a whopping 50.5 (and again, for those of you playing at home, anything above 50 signals growth, so 50.5 signals about as much growth as Ben Bernanke's cranium follicles), it was slightly below analyst estimates.  Also, ADP came out with their job data for January showing only 22k jobs had been cut which was inline with forecasts and the smallest drop in two years which is good news for everyone but those 22k people who lost their jobs or the 15MM or 20MM (what's 5MM among friends)  people who remain unemployed.

 

In world news, the EU is getting all up in Greece's souvlaki telling Greece that they are ok with the deficit reduction plan but will be watching them....read more...


Disclosure: long RICK, no other positions