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3/3/10 Midday Report: Service sector expands thus providing most valuable service: A rising market

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March 03, 2010 – Comments (0) | RELATED TICKERS: ETH , LOV , BJ.DL

The market is up again as the service industry grew more than forecast last month thanks to more people stopping off at McDonalds on their way to the unemployment office and then washing their sorrows away by watching touching interpretative dances at their local Rick's Cabaret in order to warm the cockles of their jobless hearts.  The ISM's index of non-manufacturing businesses was up to 53 from 50.5 and in theory measures 90% of the legal economy (it doesn't take the lovely Ashlee Dupre to let us know there are many illegal services performed in this country).  That was higher than the 51 estimate and we are all acutely aware that a number above 50 signals growth (while a number above 36DD usually signals growth for Money McBags).  Also ADP was out with a report estimating companies cut 20k jobs in February which would be the smallest drop in 2 years were that number not likely to be revised next month.  Economic data gets revised more often than a politician's stance on issues (cough Harold Ford cough Mitt Romney cough), modern history, or the background of an old rich guy's wife (she was a student, she worked with kids, they were my kids and she was in high school, but....).  The good news is that there is the whiff of real recovery in some of these numbers, though that could also just be the smell of Ben Bernanke's taint after an all-nighter spent trying to right this economy.

 

In international news, Greece has approved an economic plan which will save $5.5B through a 30% cut in holiday bonuses, a 2% increase in value added sales tax, and a promise to cut down their spending on noise pollution by simply having Nia Vardalos shut the f*ck up.  Money McBags is anxiously looking forward to the day Greece's fiscal problems are solved and not because it will help shore up the market but because he has fewer Greek jokes left in his arsenal than a eunuch has balls.  Seriously, if Money McBags knew he was going to have to write so many one-liners about hellenic culture he would have majored in Greek history, Epic poetry, or Maria Menounos while in college.  For fucsake Money McBags may have to stress his long syllable and start writing this blog in dactylic hexameter if the Greeks don't get their sh*t together (and if he is going to stress his long syllable, he can assure you that Alice Eve will be very involved).   Of course the Greeks were less than thrilled with the cuts, including taxi drivers who apparently stayed home for a second day because according to the NY Times (so it could be totally fictional), they were "protesting tax reforms which would oblige them to issue receipts, keep account books and pay tax according to their income."  While that would make Charles Rangel proud since he loves finding ways around the means of paying taxes, protesting the loss of the ability to cook one's books is as preposterous as Heidi Montag's singing career or anyone finding Jay Leno funny.

 

In stock news today...READ A WHOLE LOT MORE INCLUDING AN ANALYSIS OF QCOR...

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