Nasdaq at 11-year High

The Nasdaq is at 11-year highs. 11 years ago. Dang. That was 2001 for goodness sakes.

Big rally in growth and small caps today. The reason du jour is the drop in the unemployment rate. Of course, we know that those numbers are all smoke and mirrors, like the 2011 San Francisco 49ers. The number of people looking for work actually fell, so the unemployed number looks better.

But it is the headline number.

Feels good to see the perceptions improve. Pessimism sucks!

Good News! Big Job Cuts!

Are big job cuts good news? But don’t panic -- Experts say the new data is not only expected, but possibly even promising.

So let me be the first to congratulate all of you who lost a job last month.

The gist of the article is that these job cuts aren't as severe as previous years' January job cuts. Well some previous years. I think it is a game of cherry picking previous Januaries and finding data that is more severe than January 2012.

Anyway, if you just signed up for unemployment you must be one of the lucky ones.

#90: The Rapture, LinkedIn, Social Security and Medicare, Israel

Friday Randomosity

• Did anyone just see the CNBC clip featuring Senator Barney Frank (not pictured)? Today he contradicted what he said in 2005 about affordable housing.  Lets not use the word “lying,” but, well, you know.  Now he says he means renting.  Back then, it was getting folks into homes.  But then the latter was a big part of the problem with the housing bubble and flakey mortgages.
• Interesting way to deliver the unemployment rate news today:  The jobless rate in 34 states and Washington, D.C. fell in April compared to the prior month, even as the nation’s unemployment rate ticked up to 9.9%, the Labor Department said Friday. Meanwhile, six states saw unemployment rate increases, while the rate was unchanged in 10 other states.  So, uh, it’s up when it’s down.  Hey, ain’t that a Katy Perry song?
• A bill to regulate online gambling gets an airing in Washington.  The battle over online gambling continued earlier this week during a hearing held by the U.S. House Ways and Means Committee on legislation to tax licensed Internet gambling in the U.S. The bill—known as the Internet Gambling Regulation and Tax Enforcement Act—was reintroduced in March by Rep. Jim McDermott, D-Wash.
• Can states fix their pension problems?
• The stock market rebounding a little, still down about 4% for the week.  Of course, Friday often moves the opposite direction than the weekly trend, as traders book profits. 
• I’m a conservative guy, but I do appreciate First Lady Michelle Obama’s War on Obesity.  The link is to a liberal article written by Shannon Cutts who thinks that term is hurtful to the kids.  Mrs. First Lady, I want to know why, instead of the "War on Obesity" (which rolls out the red carpet for a continuation of weight and appearance-based stereotypes and prejudices) we couldn't have just called the campaign "Americans for Fit, Healthy Kids"?  Hell no.  Call them fat.  Don’t gloss over a serious problem.  There are no cheery words or terms for Diabetes and Heart Disease, Shannon.
• President Obama wants a daily update from BP on the oil cleanup.  Great, a daily status meeting.  Who brings the donuts?