The Dallas Fed prints at 10.9 and misses expectations. Stocks ramp as the miss would have been bigger if it had snowed in Texas, and so you must acquit. In the meantime, GETCO buying not just every single INTC share in Level 2 - 200, but moving on to everything not nailed down. Melt up must proceed as planned.
Since this index missed and is thus completely irrelevant, here is the only notable extract from the report:
Prices climbed again in January. The raw materials price index jumped from 43 to 62, reaching its highest level since mid-2008. The share of manufacturers who saw an increase in input costs surged to 64 percent, compared with only 2 percent who saw a decrease. Finished goods prices rose for the third month in a row, although the great majority of respondents continued to note no change. Sixty percent of respondents anticipate further increases in raw materials prices over the next six months, while 40 percent expect higher finished goods prices.
Those who have taken Bernanke economix will realize that this is great for corporate margins and S&P 500 Earnings forecasts.
And lest anyone blame the Dallas Fed of not doing the Hopium buffet, here is the refutation:
Although several of the current activity indexes fell from December levels, all future activity indexes rose this month. The future indexes for production and shipments moved up to their highest levels in four years. The future new orders index reached its highest level since 2005, with 56 percent of manufacturers expecting an increase in order volumes over the next six months. The future general business activity index advanced to a six-year high of 39, and the future company outlook index rose to 41.
Time to resume economic data laugh mode.