What a game last night in South Beach! The Cavs and Heat played an instant classic, with the good guys prevailing 92-91 on a late steal and two resulting free throws from LeBron James that gave the Cavaliers the victory. And while the ending was exciting, it was nothing compared to a stretch late in the first half that saw LeBron and Dwayne Wade combine to score 23 straight points on a dizzying array of three point bombs, amazing drives to the basket, and rim-rattling slam dunks. When the first half ended, I just sat there staring at the TV, glazed over and drooling … trying to process what I had just seen: LeBron and DWade combining to score 37 points in the second quarter alone.
I said it before, and I’ll say it again. Do not take for granted how lucky we are as Clevelanders to be able to watch LeBron do what he does 3-4 nights a week. It’s like having young kids. Everyone who has older kids tells you to cherish every moment with them, because you will miss it so badly when they’re grown. When LeBron is done playing basketball here in Cleveland, be it in six months, or in sixteen years, you will wish that you had watched less “American Idol” and “Are You Smarter Than a Fourth Grader”, and more of one of the greatest athletes in the history of the world, performing in the peak of his career, with the word “Cleveland” written on the front of his jersey.
I got one of those Keurig one-cup coffeemakers for my birthday. It’s easily one of the coolest gifts I’ve ever received. No more dealing with the pain of making a pot of coffee, tossing half of it down the drain, then dealing with the messy cleanup after. Fill the thing with water once every couple days. Open the lid, pop a K-Cup in there, and you have a piping hot, fresh brewed cup of coffee in 30 seconds with nothing to clean up.
Quote of the day …
“A man must know his destiny… if he does not recognize it, then he is lost. By this I mean, once, twice, or at the very most, three times, fate will reach out and tap a man on the shoulder… if he has the imagination, he will turn around and fate will point out to him what fork in the road he should take, if he has the guts, he will take it.” ~ General George S. Patton
Market …
Some overseas news and concerns about the global economy are weighing on the markets this morning. Two big pieces of news. Fourth quarter GDP (Gross Domestic Product, measure of the economy as a whole) growth over in Britain was just 0.1% we found out overnight. Economists were expecting growth of about 0.4%. Also, Chinese banks have begun restricting new loans, responding to a push by regulators to contain credit after a surge in lending in the first half of this month. Overseas markets have been getting crushed overnight, and the news is also weighing on American stock futures this morning. The US government reports 4th quarter GDP this Friday. Expectations are that the US economy grew by 4.5% in the fourth quarter, following the 2.2% growth in the third quarter … which ended several consecutive quarters of decline.
Domestically, we continue to get earnings reports this week, with the most notable news being Apple posting record profits thanks to sharp increases in iPhone sales globally. After some initial struggles with the product, the iPhone has been a huge winner for Apple. Insurance giant Travelers and chemical giant DuPont also posted solid earnings … which along with growing support for a reconfirmation of Big Ben Bernanke as Fed Chairman, should help keep the US stock blood bath to as minimum in the wake of the concerning overseas news and subsequent market reaction.
On the economic news front this morning, we get two biggies this morning. The Case/Schiller Home Price Index at 9 AM, which is the leading authority on home values nationally here in America. And consumer confidence at 10 AM, which is seen as a good indicator as to future consumer spending. Consumer spending is by far the biggest component of the US economy.
News …
~ Bernanke Gains More Senate Support, Plans Additional Meetings
http://www.bloomberg.com/apps/news?pid=20601087&sid=abiX0LkkWzvA&pos=5
~ Obama To Seek Three Year Freeze on US Domestic Spending
http://www.cnbc.com/id/35068969
~ Fed Weighs Interest on Reserves as New Possible Benchmark Rate
http://www.bloomberg.com/apps/news?pid=20601087&sid=akYMsCezpjlk&pos=2
~ Digital Agency Rosetta to Bring Nearly 400 Jobs to New Downtown Cleveland Offices
http://www.cleveland.com/business/index.ssf/2010/01/digital_agency_rosetta_plans_t.html
~ Johnson & Johnson Results Top Wall Street Views
http://www.cnbc.com/id/35066607
~ Stock Futures Mixed Following Latest Round of Earnings
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