The Daily Dish - June 28, 2012

It’s gonna be a HOT ONE here in northeast Ohio today. Temps in the mid 90’s. It’s so hot I saw a squirrel picking up a nut with potholders. And two trees fighting over a dog.

It’s draft night for the Cleveland Cavaliers. Tonight is an absolutely HUGE evening for the Cavs franchise. When you have a #4 overall pick, and four of the top 34 picks, you CAN NOT miss. Given the fact that free agents wouldn’t even come here when we had LeBald, the team must be built through the draft. And acquiring valuable assets in the draft also gives the team additional flexibility to improve the team via trades.

Nothing would surprise me tonight, the Cavaliers have been very aggressive in the post-LeDramaQueen Era. They could move up to #2 to steal Florida SG Bradley Beal from the Wizards, who are at #3. They could trade down with Portland (has #7 and #11 overall) or Houston (has picks 12, 16, and 18). But to me, the way it’s looking – the best guy for this team may fall right into their laps at #4.

Michael Kidd-Gilchrist from the University of Kentucky.

To me, this kid is an absolute no brainer if he’s there. He’s smart, he’s hard working, a good basketball IQ, can get to the bucket, and he’ll be a lockdown defender from day one. A lot of people forget, stopping the other team from scoring is just as important as putting the biscuit in the basket. He’s 19, has all the intangibles, and is incredibly gifted athletically. The jump shot will come. I’m not worried about that.

I watched A LOT of college basketball this winter and spring. When the tournament ended, I remember distinctly thinking that there were two no-brainer future star players that were gonna be in this draft. Anthony Davis and Kidd-Gilchrist from Kentucky. You add MKG to Kyrie Irving, and you have the start of something VERY special. MKG is going to be a 6’9 TERROR on the wing in a couple years, and a dynamic two way player.

At #24, I would go best big man on the board. Preferably someone that can score with their back to the basket and defend big bodied guys down low. I’d love to see Fab Melo from Syracuse be the guy there.

Should be fun tonight.

Quote of the Day …

“The secret to staying young is to live honestly, eat slowly, and lie about your age.” ~ Lucille Ball

Insane Fact of the Day …

The USA has more personal computers than the next 7 countries combined.

Market …

More positive momentum for stocks yesterday.

There were no negative headlines related to the European debt crisis. Durable goods orders came in stronger than expected. And we got more positive news on the housing market, as pending home sales jumped 5.9% in May according to the National Association of Realtors. The pending home sale index jumped to 101.1, its highest level in two years, or since the expiration of the first time home buyers tax credit. Pending home sales are up 13.3% from a year ago. That’s a significant increase, and is great news for the battered housing sector coming off of Monday’s encouraging news on new home sales, which are up over 19% over last May.

We got American jobs data this morning, as first time unemployment claims came out at 8:30 AM EST as it does every Thursday morning. First time claims fell from 387,000 to 386,000 … right in line with expectations. Job creation and the employment/labor situation here in the US will be the central theme of the Presidential election we’re heading towards.

We also got the final revision to 1Q 2012 GDP, which was unchanged at 1.9% growth, which is far less than we need to see for a true economic recovery. The anemic first quarter pace of GDP growth was a step down from the October-December period’s 3.0% increase. It also reflected a slightly less aggressive accumulation of inventories by businesses and a slower pace of investment in equipment and software than previously estimated. Consumer spending, which accounts for about 70% of US economic activity, increased at a 2.5% rate in first quarter, rather than the previously reported 2.7% pace. There are signs that consumer spending slowed in the second quarter, with retail sales falling in April and May.

Tomorrow marks a BUSY end to the trading week, as most eyes will be focused on the economic summit over in Europe. And here in America, there are a bunch of economic indicators … with core PCE, personal income, Chicago PMI, and consumer sentiment figures all being released tomorrow.

News …

~ After Years of False Hopes, a Sign of a Turn in Housing

http://www.cnbc.com/id/47990147

~ Trouble Signs Remain in GDP, Jobless Claims Fall Slightly

http://www.cnbc.com/id/47992786

~ JP Morgan Trading Loss May Reach 9 Billion

http://www.cnbc.com/id/47888252

~ European Summit to Test New Alliances Amongst Leaders

http://finance.yahoo.com/news/european-summit-test-alliances-among-114414924.html

~ Obamacare: What Happens When Supreme Court Decides?

http://www.cnbc.com/id/47977943

~ Heat Advisory for NE Ohio Today: Temps in Mid-90’s

http://www.cleveland.com/metro/index.ssf/2012/06/heat_advisory_for_much_of_nort.html