- Bubblevision now Troublevision? As I mentioned yesterday, the usual upbeat can-do CNBC cheerleading that we've become so accustomed to has been replaced with skepticism. Mark Haines was on "Squawk on the Street" after the employment numbers were released, and the initial market reaction was upbeat. (Because slowing economic numbers might indicate a Fed pause in the rate hikes). He immediately chimed in that "what's good today might be perceived as bad later." Sponge Bob Pisani then called this recent rally a "retracement" of the selloff the market saw May-June. Just saying. That's all. I can't recall a time were CNBC was second guessing the up ticks, can you?
- With Sponge Bob back, that means staff rotation for CNBC. Melissa Lee goes back in the booth. Just my 2 cents? I'd like to see Melissa Lee on the floor. Sounds sorta naughty...
- The market did reverse the gap open, by the way. Fridays tend to move opposite the weekly trend and we are coming out of monthly strength. In addition, the week prior to options expiration tends to be weak and we are in the month of August. None of this is enough for me to trade on or base an allocation change on, but I like to be aware of the cross-currents.
- With the costs of energy acting like a tax hike, consumers have less disposible cash to spend elsewhere. Like at Starbucks (SBUX) for example. Read this from the WSJ. But for the first time, there are a few signs that Starbucks's remarkable growth -- which turned a local Seattle coffee shop into a global giant -- may be making it more vulnerable to pressures on consumer spending.
- Not only is AOL going to give their content away for free and hoping to make it up on click volume (ads!), but they are also laying off 5000 folks. 25% of staff! Kind of makes one wonder about that click revenue ad model, eh? ...within six months as the company restructures its business to draw more online-advertising dollars. More advertising dollars, but cutting staff. Sounds like fuzzy math.
- More later. Japanese for lunch. Now that sounds naughty, too. Ah, must be friday. Anyways.
