The market sagged today like a droopy catenary with a very low value of "a" or Uma Thurman on vacation, before gaining some steam in the afternoon. With earnings season started, macro data was lighter than Ben Stein's reputation as an economist or sales of Liberace's last book: "How not to get AIDS and die." Homebuilder confidence dropped to it's lowest level in over a year as The National Association of Home Builder's index slipped to 14, with readings lower than 50 meaning more respondents said conditions were poor, and readings lower than 20 meaning we're completely fucked. At blame for the drop was the governement tax credit running out, foreclosures continuing to increase, and pessimism proving to be higher than if Arthur Schopenhauer were trying to sell a mansion in Detroit at full price.
Alternatively, some made up organization called the National Association for Business Economics (and Money McBags would love to see the charts and graphs they pull out of their asses) said hiring picked up in the economy with 31% of businesses increasing payrolls while only 14% decreased payrolls. What they negelcted to say is that of the 82 businesses which they survey, 31% are in the reposession business and 55% are fictitious.
Internationally, Moody's cut their ratings on Ireland from a little drunk to fucking sloshed as a result of a weakening banking system, increasing deficits, and way to much puke still littering the streets from St. Patrick's day. The downgrade was a full notch lower to Aa2 which as always means absolutely nothing to Money McBags since he knows Moody's is more fraudulent than a Lou Pearlmen business venture or Jamie Lee Curtis's vagina and he has no idea what the difference is between Aa2, Aa1, and Baa other than that two of them are ridiculous and one of them is the noise Roseanne Barr makes when taking it from behind.
Now look, Money McBags is no Donnie Deutsch (and not just because he has no idea who Donny Deutsch actually is, but also because he's not completely full of shit), but it doesn't take a marketing guru to understand that if you are selling something, those buying it should assume it works and also understand what the fuck it is they are buying. Since Moody's obviously has failed step 1, they can at least have their ratings be understandable. Thus if Money McBags were in charge of Moody's, the first thing he would do is fire everyone, the second thing he would do is hire Ines Sainz as his personal assistant (actually, he would do that first and fire everyone second, but whatever), and the third thing he would do is get rid of the stupid rating system and only have three categories companies could fall in to: No Problems, Shit is getting a bit scary, and Stay the Fuck Away.And it's not just Ireland in the international news today, but Hungary is starving for attention as the government refused further austerity measures which caused the IMF and the EU to get their panties all in a bunch (which wouldn't be a problem if the IMF were Sofia Vergara and the EU were Jessica Biel). The government's stance has apparently called........READ MUCH MORE....ANALYSIS of IBKR...
Disclosure: Long IBKR