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3/29/10 Midday Report: Who needs yeast as market rises on Passove

|Includes: C, F, KIT digital, Inc. (KITD), MNK

Break out the menorahs as it's Passover and thus time to light the candles, forgo yeast, and drink Manischewitz until the market makes sense and Mayim Bialik becomes atttractive.  The market is up today as economists ponder their own four questions:  1.  "Why is this market different than any other market?"  2. "Why in this economy does the market not dip when in all other recessions it dips twice?"  3.  "Why does the market continue to go upright, instead of reclining for a bit as news has been only marginally not bad?"  4.  "What does a Jew have to do to get a table dance (And in honor of passover, Money McBags would only take table dances from fellow yids Nikki Reed, Bar Refaeli, Emmanuelle Chriqui, and Joan Rivers)?  That said, in macro news today consumer spending was up modestly by .3% which was a bit less than the .4% from January and a whole lot less than that of you know, a healthy fucking economy.  It could have been worse though with February snowstorms but luckily most people were still able to consume by staying inside and ordering shit they didn't need from QVC with money they don't really have.  Excluding food and fuel as the Fed likes to do when looking at consumer spend (which is a bit like excluding Enron when talking about financial fraud, excluding Fischer Black when talking about Myron Scholes, or exculding rhyming couplets when analyzing Dr. Seuss), spending was equal to last month's spending and up 1.8% from last year.  Salaries for the month were flatter than a Steve Forbes tax rate and household savings fell once again to 3.1% of disposable income or the lowest it has been in over 2 years.  It's good that people didn't learn anything in this downturn and continue to run their personal finances like the US government runs their Keynesian budget.  The difference of course being the government can't max out on their AMEX black card while consumers can only run up so much debt before getting BAC to renegotiate their mortgages.

In international news, Greece is selling 5B euros of 7 year bonds to try to pay for all of the shit it bought after having one ouzo too many and winding up face down on the floor of a Greek massage parlor in a puddle of it's own debenture.  This is the first bond offering since the EU and IMF said they would bail Greece out of their fiscal calamity and will likely to be the most expensive bond offering since the Quantum of Solace (and Jay Leno, feel free to steal that one when your Jaywalking bit becomes stale.  Oh wait, we're already five years late for that).  The good news is that... READ MORE INCLUDING ANALYSIS OF KITD BEFORE THEIR Q....

Disclosure: Long KITD