The Philly Fed Index was atrocious, the losses grew at JPMorgan according to press acounts and Apple opened in really bad shape this morning…and yet the US market is attempting to find its footing and holding up better than it should be, given the macro newsflow.
Is this an ephemeral bounce built upon “oversoldness” and little else? Do the buyers actually think this Greece and Spain shit is going to be resolved before the weekend?
Will the sexiness of Facebook trump everything else when it debuts tomorrow?
Will any of this matter if Sunday night begins another un-virtuous circle of bad news begetting bad news overseas?
More questions than answers, I’m afraid. You can have this potential bounce, we remain light…