Bulltard investors these days are like horny sailors on leave in an island full of leper women. It doesn't take much to get them excited I guess. Case in point is today's interesting run up in the market. Oil jumps $5, a suspect employment report comes out and WalMart and Costco beat expectations. Wow...that's something to get excited about.
First off, anybody who sees light at the end of the tunnel on that employment report is about to get run over by a freight train. In case you haven't read the news lately, just about every single sector in the US has companies announcing layoffs. Has anybody read about any hiring surges? Employment is heading off a cliff regardless of what numbers may or may not come out this month.
Second, who didn't expect WalMart and Costco to kick ass this quarter? I certainly did and it was completely predictable for all the wrong reasons. People are downgrading their purchases to the discount stores in record fashion. If you really want to see what's happening in retail, look at earnings at all the other retailers, especially discretionary spending. It ain't pretty. Keep loading up on WalMart and Costco, but it isn't a good sign for the economy.
Oh well, just another opportunity to load up on shorts.
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