Good Is Bad - That Is All
It's been quite a morning. Beats across the board at the macro headline level. Housing (prices and sales), check; Durable Goods, check; Confidence, check; Richmond Fed, check. So why are stocks not surging?
The problem is that bad is also not good anymore (as we noted yesterday).
Though, of course, it's early yet - and it is a Tuesday...
Please bear in mind the implicit message from the Fed:
When the Fed says "don't overreact" it means don't sell all at once. Sell sequentially and in order, please. Primary Dealers first.
— zerohedge (@zerohedge) June 24, 2013