Market Thoughts From A Really Bad Day

Loneliness, especially during the holidays, is a devastating thing.

Domestic Data Triumphs

Data over here are trumping data over there today.

Stated simply.

Better on the University of Michigan confidence number at 71.6.

Personal income and spending coupled with a good jobless claims print augured well for today's trading (even in the face of weak durable goods orders).

Naturally, as the day advances, volume will dry up as we move toward the holiday.

Over There

Business expectations in Germany are now at the highest reading in two decades.

Look for fourth-quarter German GDP forecasts to be lifted in the days ahead.

Today's release of Germany's Ifo survey indicates a reacceleration in fourth-quarter growth and is confirmation of Tuesday's better "flash" manufacturing and services PMI survey.

The Ifo composite rose to 109.3 (consensus was only 107.5), up from 107.7 last month -- that's the highest reading since German unification.

The current assessment and business outlook also showed better-than-consensus growth at 112.3 (110.4 in October) and 106.3 (105.2 in October), respectively.

The Fed has weighed having occasional press briefings subsequent to Fed meetings.

In early November, I heard rumors that Fed Chairman Ben Bernanke might introduce Trichet-style press meetings after the Fed's meetings in order to "nuance" the policymaking board's decisions.

Indeed, according to yesterday's FOMC minutes, the Fed has weighed having occasional press briefings subsequent to Fed meetings.