Reality: Taking a Long Hard Piss on Your "Rally" Hallucination Since 2009
More bad news. Welcome to the come-down, kids! Can we get realistic about what is happening here now? No?
It isn't enough that we have essentially caught the super-PPT with both hands in the cookie jar? How about Goldmans blatantly disrespectful behavior? AIG's "fuck you" CDS unwinds? Not enough for you? How about a manufactured panic?
In case you're trying to stick your head in the sand, here's some more fabulously bad news from Reuters:
NEW YORK, May 19 (Reuters) - U.S. stocks were little changed on Tuesday as data suggesting no let-up in the housing slump tempered investors' hopes that the recession was moderating.
U.S. housing starts and permits fell unexpectedly to record lows in April, according to a government report.
Additionally, the chief executive of Home Depot Inc (HD.N), the largest U.S. home improvement chain, said he was concerned about accelerating rates of foreclosures, especially in the Western United States.
Before the bell, Home Depot posted a stronger-than-expected quarterly profit, but its shares reversed some gains from the prior session, falling 4 percent.
Analysts said while the housing data pointed to more headwinds in the sector, less new construction should bode well for the market in the long run as home inventories fall.
The Dow Jones industrial average .DJI gained 20.63 points, or 0.24 percent, to 8,524.71. The Standard & Poor's 500 Index .SPX rose 3.83 points, or 0.42 percent, to 913.54. The Nasdaq Composite Index .IXIC climbed 2.45 points, or 0.14 percent, to 1,734.81.
Home Depot shares dropped $1.04 to $24.99, and the stock was the Dow's top drag, ahead of 3M Co (MMM.N), which slid 0.39 percent to $59.
Shares of American Express Co (AXP.N) fell 1 percent to $25.86, a day after the credit card company said it will cut 4,000 jobs, or 6 percent of its workforce, as it grapples with rising customer defaults.
But defensive stocks of companies seen as better able to withstand an uncertain economy headed higher. Procter & Gamble Co (PG.N), a maker of Pampers diapers and Crest toothpaste, rose 1.1 percent to $53.10.
In banking news, JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon said the No. 2 U.S. bank expected to repay some government bailout money in a couple of weeks.
The news briefly sent bank stocks higher, but by midday they had reversed to trade near break-even.
The super-PPT is running out of steam as their afternoon playtime is no longer as noticeable as it was a few weeks back. What does this mean for the rest of us? A great view of bottom. You're welcome.