Google (GOOG) Misses

It wasn't that bad of a miss but good enough to spook people. Another one of my 13 2008 Outlier Predictions coming true ;)

So cutting back severely made me miss out on Mastercard (MA), but saved me in Google (GOOG) - I guess it's a wash.

Remember, there is a jobs number tomorrow... as for the # itself who knows. But clearly the labor market is weakening and keep in mind employment is a LAGGING indicator. Meaning by the time we see serious downtrends in labor it will also be recession time. Just look at all the news around you of layoffs. See Home Depot (HD) today, see Ann Taylor (ANN) yesterday. Look around closely and you can see it everywhere. It is around you - no matter what the government report says. That said, if anything positive comes out tomorrow the bubbleheads will say "see told you, no recession!"

Ignore government reports; listen to companies. Even if its bad news - its still a highly flawed report. [Monthly Jobs Report & Birth/Death Model]

p.s. it appears the market was thrilled with bond insurer MBIA's comments ... do you realize they only allowed questions that were emailed to them last night? No real live questions. And this is what we rally on? Quite pathetic.

Do you also realize that the rating agencies have been pressured behind the scenes not to lower the AAA ratings of the bond insurers? Because of the havoc that would cause. So they are told to lie, and everyone needs to wink and let the charade of AAA ratings continue, until we devise a bailout. This is our American, free market capitalist system at work.

Long Mastercard, Google in fund; no personal position