QE-Cating

Stocks usually follow the Fed, but this time when the ECB pumped, so much of it flowed into the US that not only Treasuries, but also stocks, got a lift.

NOT SO BAD

The only reason that today's report was "disappointing" is that economists can't forecast accurately.

The bullishness is rather interesting considering the notable headwinds that exist in the European sovereign debt markets, the geopolitical risk seen in light sweet crude oil futures, and the potential for a recession to play out in Europe.