Market Movers Friday: Retail sales up 0.4%, futures still down sharply on Sovereign debt concerns, Euro drops to $1.24 vs USD, Gold pops $16 to $1245…

Markets not convinced by the 1T ponzi scheme wherein the FED and the EMU trade printed money back and forth across the pond and claim they have fixed the problem.

Great, short, spot on analysis yesterday from David Hefty of Cornerstone Wealth Management. He forecasts a DOW pop and then a collapse later this year to DOW 5,000. He cites all the concerns the street (and MiM!) are feeling. And of course there is a denial consumed Bull in the segment too:

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Retail sales popped 0.4% in April after being up over 1% in March and they have a deluded retailer on saying the American consumer has recovered and she wants a new pair of Jimmy Choos. BWAAAAHAAAAAA!!!!!

AS -IF!!! Frakkin maroons! He is claiming people earning 75k up is CORE OF MALL BUSINESS and is fine with UE. He is INSANE! Bill Taubman COO. BWAAAHAAAA!!!!! Ahh man that was a good one!

He says HOUSING PRICES ARE STABLE!!!! BWAAAHAFRAKKINHAAAA!!! Ahh man they really slay me these people.

In other NO SHXT! news the WSJ reports the massive US bailout ‘missed Main St’:

Government funding to U.S. banks has done little to ease the credit crunch for small businesses—and the situation doesn’t seem to be improving, according to a new report.

The value of large banks’ loans to small businesses shrank 9% between 2008 and 2009, more than double the 4.1% drop for overall lending, said a report released Thursday by the Congressional Oversight Panel, a group set up to oversee funds allocated by the federal government’s Troubled Asset Relief Program.

“Big banks pulled back on everyone, but they pulled back harder on small businesses,” said Elizabeth Warren, chairwoman of the oversight panel, in a discussion with reporters.

…said that small-business lending values at the smallest banks fell by about 2.7%, compared with a 0.2% decline in their overall lending….

May 14, 2010. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St.

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