Cuttone and Co. Inc.

Like millions of Americans, I woke up pretty grumpy this morning, remembering that it was April 15^th and that not only would I be paying my taxes today, but that I would also be inundated by unavoidable media coverage employing the most hackneyed of clichés. Still irritable as I drove to the post office, I found myself trying to come up with ways in which I might lower next year's bill when I came up with the realization that less income would most likely equal less income taxes. That didn't seem like such a good plan, but the thought cheered me a bit when I reflected upon the millions of unemployed Americans who would be grateful for the opportunity to have enough earnings to be required to pay taxes today. Suddenly, the taxman's burden didn't seem quite as onerous, and I resolved to take a positive approach to the rest of my day. If you find yourself grumbling about paying taxes on your income this morning, count yourself among the fortunate during this Great Recession. Earnings and taxes are a good thing.

Earnings are certainly a good thing for the stock market and this year's season is off to an encouraging start. Intel and JPMorgan have already reported strong numbers and UPS' raised guidance has the bulls convinced that the recovery is robust and sustainable, but with expectations for corporate earnings growth high, the next few weeks will have to keep on delivering the hits for the rally to continue. While continued signs of accelerating manufacturing activity should blunt profit taking this morning, traders are increasingly looking for a recovery in consumer spending as evidence that the expansion will continue. Tomorrow's consumer sentiment report may offer some directional clues.

Economic recovery is also evident on a global scale as China reported 11.9% annual GDP growth, the strongest report in three years. Chinese officials, keenly sensitive to external pressure, now appear to have a domestic excuse for allowing a modest appreciation of the Yuan, and although Beijing's spin doctors will not acknowledge it, a higher Chinese currency should have the dual benefit of creating a drag on China's inflation rate while at the same time satisfying American official's increasingly strident demands for revaluation. Such a revaluation will benefit American exporters of technology and high-value services, and may be a strong indicator that the current rally is not yet dead.

The word "dead" reminds me that many of you may be expecting me to conclude with a take on the old death and taxes routine, so I will try to oblige by doing so with a twist. April 15^th is also the ninth anniversary of the death of Joey Ramone, lead singer of the seminal punk band, The Ramones. Joey was able to project a lovable sweetness while singing hits like "Sheena Is A Punk Rocker", "Blitzkrieg Bop" and the classic "I Wanna Be Sedated", in the process becoming a beloved figure for a generation of fans, particularly for those from his hometown of New York City.  While battling cancer in his final years, it is said that Joey turned to day trading stocks as a hobby, becoming obsessed with the market in general and a certain CNBC correspondent in particular. His posthumously released solo album, "Don't Worry About Me" contained the song "Maria Bartiromo", a valentine of sorts to the famous CNBC star. The album opened with a terrific cover of the old Louis Armstrong tune "What A Wonderful World", a touching reminder of the positive approach that Joey took towards life, one perhaps that we all would do well to emulate.

So as you pay your taxes this morning, take a moment to be grateful that you are alive and experiencing the glorious rebirth of Spring. Here's hoping that there is a bull market wherever Joey is trading today.

Gabba Gabba Hey.