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3/30/10 Midafternoon Report: Market rests today after spending all night trying to find the afikomen

|Includes: AAPL, BBRY, Cirrus Logic, Inc. (CRUS), KITD, RICK

Before we get to the market news, today marks an important achievement for mankind (perhaps an even more important achievement than Brooklyn Decker) as the Hadron particle collider is finally working sending two protons smashing in to each other at 99% the speed of light.  Results hope to answer some of the Universe's most essential questions such as the existence of the Higg's Boson, the presence of dark matter, and who the fuck the people are who actually watch American Idol.  So planet changing discoveries aside,  the market is flat today as international concerns temper the moderately better than expected US macro data.  Consumer confidence jumped thanks to the new health care bill, which has made it easy for people to buy deliriants.  The index reached 52 today, easily besting the 46 from February, which would be all the more impressive if we actually knew what a difference of 6 points meant.  Additionally, Home prices rose in the 20 city Case-Shiller index (named of course for "Hot" Karl Case and Bob Shiller) from "take this fucking thing off my hands" to "take this fucking thing off my hands but I am keeping the toaster."  The index was up .3% sequentially and down .7% from a year ago which is the smallest y/y decline in two years.  However, on an adjusted basis the index was down .4% sequentially due to the initial petering out (and yes, I said peter) of the government first time home buyer's tax credit and the realization that monopoly money is not a valid subsitute for cash or a claimable asset to mortgage guarantors.  That said, there was some really interesting news that tax receipts are now expected to rise in the 15 most populous states by 2011 which would be huge for the economy (no joke, it would literally be bigger than Manuel Uribe at an all you can eat taco bar.  Ok, maybe a little joke.).  California has already taken in 3.9% more in taxes than forecast since December while NY is $129MM above budget.  This is largely the result of higher sales tax receipts from increased consumer spend likely as a result of this rise in consumer confidence and the hiring of Jeffrey Skilling to audit all state tax records.

Internationally, S&P cut Iceland's local currency credit rating from BBB/A-2 to BBB/A-3 (and if Money McBags were rating Iceland, they would always be rated "frosty.).   And yes, those are the actual fucking ratings S&P uses which are about as helpful as chopsticks to a leper.  I mean really, BBB/A-2?  Even Heidi Montag's singing career and Poncaire's Conjecture are less confusing (especially if you are tone deaf or Grigori Perelman).  Money McBags hasn't seen anything so contrived since Ricky Martin acted straight in one of his videos.  That said, the downgrade made Magnus ver Magnussen, a man so important they named him twice, pick up a giant boulder and crush the S&P's entire Iceland office.  Anyway, Money McBags scoffs at any rating, no matter how confusing, by any rating agency due to the inherrent conflicts of interest and the piss poor track record of those ratings agencies (see US financial markets circa 2007). Of course this downgrade has caused investors throughout the world to not just try to locate Iceland on a map, but to learn for the first time that Iceland actually had credit ratings. In other international news, an auction of 1B euros of 12 year Greek bonds garnered interest in only 390MM euros worth of them which caused the offering to be more undersubscribed than Bernie Madoff's new investing magazine (tentatively titled, MisFortune).  The lack of interest in the..READ MORE INCLUDING CRUS ANALYSIS....

Disclosure: Long RIMM, Long AAPL, Long CRUS, Long KITD