Be Back in an Hour or Two

Had some real world things to attend since noon yesterday; will be catching up this morning.

Quick look at employment report shows government lost 50K jobs which happens once every two decades. Not to worry though the census should be creating 1.4 million high paying stable jobs in the coming year. I am sure the birth death model will once again show a creation of 100-200K jobs in businesses "too small to count" so I am happy we've created some 1M+ jobs of that sort in the past year. What type you ask? The type that exist only in our dreams (and government reports)

Frankly I am surprised the market is not up 10% today as the unemployment rate only jumped from 9.4% to 9.5%. 2nd derivative improvement people. Why all the long faces? ;) Bears just sicken me with their ...their... facts!

The jobless "recovery" where GDP will be inflated by government spending on a level never seen in the US is well on track. Can't wait to see Q4 2009 when CNBC is crying in joy over a positive GDP print while unemployment sits at high levels - really are we going to go with the "lagging indicator" thesis for the next 1.5 years?

Anecdotal story - walked through grocery store, mid 20 something couple looking at some cheapie cookie type things. Out and out madness from the male - "when the #*(@!#*(@ did prices go up like this"?

Not to worry kids, this is a sign that Ben Bernanke is doing his job. Inflation in things we need, deflation in things we don't. Money out the wazoo for speculators and into commodities! Signs of recovery people!

I pondered whether I should tell them that the stock market is up, and the stock market knows all - hence they should stop complaining. I decided against it, generally favoring to keep my face intact.

Main Street v Wall Street. 2 worlds... except when Wall Street needs a bailout... then Wall Street = Main Street.

Green shoots.

p.s. thanks to countless readers who let me know about Illumina (ILMN) - I got the picture by email #8. We only have a 0.4%ish exposure so no biggie. But hey, I thought healthcare was immune to the economy? Just like technology?

On this next downturn I think technology might take the biggest hit. Everyone is hiding in it, and the same old thesis: "it's safe, and relatively immune to the economy". Balderdash. A very crowded trade.