Risk-Off Day Despite Decent Data

Today we got some decent (not great – not bad) economic data in the form of PPI (down .3 for October), Retail Sales (up .5% vs expected .2% for October) and the first positive reading on the Empire State manufacturing index in 6 months.

But it matters not because the butter-slurpers in Europe are showing new signs that they cannot hold it together over yonder.  Bond vigilantes are up to their favorite new game of driving leaders out of power via disruptive bond yields in the bundesphere.

The play book over the last six weeks has been to fade the sellers on days where Europe drives US stocks down.  Emerging market names, industrials and basic materials are to be avoided.

We shall see if we can shake a few weak hands out and then test resistance a percent or two above our heads in the major indices.

Nobody said this would be easy.

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