This is my first comment since Thursday given travel and lengthy meetings. Friday’s rally action had me stumped, I’ll admit, since it didn’t seem based on anything substantial. All it served to do was to keep us primarily on the sidelines.

Yesterday we got a hot PPI at 1.4% which was dismissed early as the Kool Aid drinker’s focused on the “core rate” ex-food and energy up a “mild” .2%. But, how much more of these silly core rate numbers investors can swallow is beyond any thoughtful consideration. Anyway, later in the day reality hit home as Goldman Sachs issued a downbeat assessment on financials ex-themselves naturally.

Volume was on the light side while breadth was as negative as you might expect.



















































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