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2/4/10 Midday Report: Market shows Paris Hilton isn't the only thing that can go down

|Includes: CSCO, Joe's Jeans Inc. (JOEZ)

Tim-motherfucking-ber.  The market is nosediving today like a Biggest Loser contestant going after the last gravy covered deep fried twinkie at an all you can eat "stuff that's bad" for you bar (and no offense to you weight-challenged people out there, but did you really need to go on a TV show to figure out you need to eat a fucking salad every once in a while?  I mean for fucksake, it's not like you need to decipher M-Theory or particle physics, you just need to stop eating crap and walk a little.  Jeesh.)  Driving the market down is what we here at When Genius Prevailed call serial unemployment (as opposed to Quisp's cereal unemployment, which we hear has caused Quisp to resort to tickling Franken's berries to pay the rent).  New claims for unemployment came out and they were higher than last week and above analyst estimates.  Claims rose 8k to 480k while expectations were for a drop to 460k.  10MM people continue to receive unemployment benefits or extended benefits and to give you an idea of how large of a group that is, it is is roughly equivalent to the population of Portugal, Belgium, or people who will show someone their tits on Bourbon Street should the Saints win the Super Bowl (and Money McBags fully supports Saints fans).  So the economy may be getting a bit better but as long as there are so many displaced workers, full recovery will be difficult (to put it mildly) which is why the S&P is probably a wee bit overvalued, like long walks on the beach, Alan Greenspan, or Michael Chabon novels.  Alternatively, labor productivity increased in January above analyst estimates as those with jobs have to work a fuckload harder to keep them (so instead of slacking off and looking at Miranda Kerr pictures for 6 hours a day like workers in a healthy economy like Australia, US worker now only slack off for 4 hours a day and are forced to look at internet pictures of Shirley Hemphill).  Also positive news is out today on factory orders which gained again in December as businesses build back and try to maintain inventory.

 

In international economic news, investors are getting more skittish on Europe as they deal with the Greek budget crisis which will likely cause the EU to revive their hit doin da butt in making Greece their submissive (though luckily, and not to overgeneralize, but the Greeks seem to enjoy that).  Fears are now spreading to Portugal, Spain, and any other country where two hour midday siesta's are followed by 3 hour midafternoon siestas.  Also, China is gettng a bit frisky with the US, objecting to claims that they are keeping down their currency in order to help exports.  The Chinese Foreign Ministry spokesman said they will stop artificially deflating their currency when the US stops artificially inflating the value of free speech.

 

In stock news Cisco put up a nice quarter (and for the record Money McBags has been long CSCO, though the stock has moved strongly sideways on him) as.....read more....


Disclosure: Long CSCO, no other positions