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:

 

Charts: Bloomberg

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