Stocks were a bit wobbly today as expectations of a bounce came and faded and then came back again, only to fail into the close. Unemployment claims came in on the high side this morning, somewhat dampening expectations for The Recovery™ which brings glorious growth and prosperity to the homeland.
Inventories are a bit bloated as well. Aren't the puppies eating the puppy food?
Don't get me wrong. These markets are as tied to fundamentals as Eddie Lampert's management style was to Sears' customers. This is a year end holiday market already, and despite some possible taper talk about the Fed's next meeting this is a carney game hosted by Dewey, Cheatum and Howe.
Have a pleasant evening.
