lemmings gerbils, we almost escaped out of our box, in the 16th day of containment. But someone slammed the lid of our cage back down Wednesday AM. No worries, all it takes is some US dollars lubricant and we can get this lid unhinged again.
The good (or bad) news, is the longer the base we build [sideways] the more powerful the next move shall be, hence we should be seeing some fireworks once we finish this base building process. The only question now is direction... until proven otherwise it is up. However there is still that niggling tiny gap created on November 9th at S&P 1070....
petty; trivial; inconsequential: to quibble about a niggling difference in terminology.
I'm ambivalent on which direction we go.... I just wish we would start "going" because this is really getting boring.
As for the "real world"... I am now trying to think what the market would want for employment data on Friday... I will reiterate the market does not want too much good news. Bernanke has made it clear he will not raise rates until employment starts to rebound so in the "Wall Street" perfect world, we will continue to flop around creating little to no job growth and easy money will continue to be handed out as antidote.
Oh yes, the "jobs summit" tomorrow will surely come up with more great ideas to tack onto the last $787B that 'saved or created' 4 million jobs. Or was it 350,000? Well if you round 350,000 up to the nearest 5 million its 4 million.... close enough for government accounting.