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Rapidly changing news cycle, combined with HFT algos, is driving investors' nuts. This makes it difficult to cope with the super-charged volatility. It's like Shatner seeing something on the wing. The situation in the eurozone is driving volatility and it waxes and wanes with reality and spin.

Jobless Claims data came in better than expected at 390K vs the obligatory 400K consensus. As has been routine, previous data was revised higher from 397K to 400K, and given this pattern, you should expect current data revised higher next week. The Trade Deficit improved slightly but most of that was bizarrely attributed to gold purchases.

Serial disappointer, Cisco Systems (NASDAQ:CSCO) reported earnings beat (after obligatory "adjustments") analysts' forecasts by eliminating jobs primarily. They also slightly raised their future guidance perhaps by eliminating even more jobs.

Stocks rallied Thursday on a combination of overdone selling, tamer news from the eurozone (the Italians were actually able to sell bonds at 6.90% & France retained its AAA rating), Jobless Claims and Cisco's report. However, after being much higher a good portion of the gains were given back as tech lagged badly despite Cisco's report. It seems Apple (NASDAQ:AAPL) is seeing a potential decline in iPad shipments as gleaned via a drop in supplier orders.
 

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