The Morning Morsel-Bring It!!

“The chief business of the American people is business” -Calvin Coolidge

The casino is now open, let the games begin!

After the close today we see AA, CSX and NVLS.

Alcoa has become the Ben Affleck of earnings season as it always seems to disappoint and doesn’t really have much of a future. Wall Street remembers Alcoa as the $40 stock that was “imminently” being taken over at $60. Hollywood remembers Good Will Hunting, both have been massive fails ever since. Affleck has Garner, Alcoa has foil wrap and stuff people don’t want right now.

We’re throwing billions at nameless, faceless jobs and that will indeed kill us in the end. We just threw $2 billion at two solar companies to create jobs. I won’t stand on one foot waiting for that to happen.

From Kyle Smith, NY Post:

In Spain, home to what BusinessWeek dubbed “the solar power bubble,” the government has spent some $24 billion on solar since 2008. The same leadership is now reversing course, arguing that its massive subsidies — solar plant owners are paid roughly 12 times as much per kilowatt as producers of fossil fuels — must be ratcheted downward “to avoid damaging the competitiveness of industry,” Spain’s industry minister told the Spanish parliament.

The IMF AND Europe have told “us” to chill on spending. The IMF and Europe are telling us to chill. Can’t make this up.  Broken, and they know it, yet we can’t seem to imitate them fast enough. We’re lost, tone deaf, disconnected.

I’m leaning long because the charts as of Friday say to be. This will be an amazing and fascinating second half and these next three weeks should tell us where we will end up on December 31st. Good luck to all. Gonna be fun.

Monday, July 12, 2010
10:00 Mexico May Trade Balance, Industrial Production
10:30 BoC Senior Loan Officer Survey
13:00 US Treasury’s $35B 3-yr auction
09:00 Fed’s Lacker speaks in Richmond. 10:00 Fed Chairman Bernanke speaks in Washington DC. 17:15 Fed’s Duke speaks in Washington DC. Ex-dividend: ABB $0.48, PNC $0.10.
Before the Open: SHAW. After the Close: AA, CSX, NVLS.
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