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3/23/10 Midday Report: Health care bill passes causing market to turn its head and cough

|Includes: Digimarc Corporation (DMRC), GOOG, KBH, WBA

Money McBags was unable to provide market insight yesterday because he was waiting in line at his doctor's office to receive his now monthly health care rations (sorry, couldn't resist).  Since like 99.9% of Americans Money McBags hasn't read the health care bill (though he eagerly awaits the movie, especially if Alice Eve stars as the naughty nurse and Jessica Biel as her saliva deficient patient), nor does he desire to (Money McBags would rather get a colonoscopy with no anesthesia and a rusty camera), he has absolutely no idea what congress passed but he is 100% sure it is neither as onerous as teabaggers grunt about while flexing their abnormally large brow ridges, nor as ball ticklingly fantastic as democrats pontificate while using their unusually acicular heads for ring toss targets.  More than likely, it will have no effect on anything other than giving people with too much free time (talk radio hosts, congressmen, Rosie O'Donnell's dietician) something about which to get their panties in a bunch (and if it is Brooklyn Decker's panties that are bunched, Money McBags will unselfishlessly volunteer to unbunch them).  So big fucking yawn to health care.  If this country could survive slavery, Andrew Johnson, and Ronald Reagan Jr. in the White House, it can survive an undefined program that accomplishes some good and some bad.  Money McBags will now get off his high horse (mainly because the horse has the munchies from being so high) and get to investing.  Interestingly, the market seems to be unconcerned with the death of America and their 37th ranked health care system in the world as the rally continues despite moderately negative macro economic news.  Existing home sales numbers came out and were down .6% to an eight month low, though in line with the median analyst forecast.  Interestingly, the number of previously owned homes on the market jumped up 9.8% which National Association of Realtors Chief Economist Lawrence Yun claimed was "unusual."  Wow, really Larry?  An increase in homes on the market in a 10% unemployment economy with no job growth and a weakening currency is "unusual?"  It's like calling a rise in the death rate during to the bubonic plague a bit "strange."  Or the increase in internet usage if a Kate Bosworth-Blake Lively college shower scene leaked out as "confusing."  To quote the New York Times (and as always, it may all be made up), "Mr. Yun also cited the winter weather as a reason for some of February’s lackluster results, although sales were strongest in the storm-plagued Northeast and Midwest and weakest in the West."  Great job again Larry.  Apparently the National Association of Realtors has been trolling craigslist for their economic hires and Money McBags only wonders if the pay Mr. Yun in "roses."

In stock news, Google and China are continuing their game of find the button as China has moved to restrict access of mainland users to Hong Kong's Google site.  This is after Google... READ MORE...

Disclosure: Long GOOG