Mid-Day Recon

Good Afternoon,
                       Well, how interesting is the day, as it evolves ??  First the “Ugly Stick” makes an appearance as the BOJ does the sideways shuffle.  Then, as the morning dragged on, it became obvious that Wall Street was going to buy the open… and why the heck not?  Runaway strength in the Yen softened the DXY, which in case you stopped paying attention…. is good for US multi-nationals.  Then the earnings results poured in…. and they were solid.  AET, MO, BMY, CAH, F, MA, TWC, UPS, WM, and many more all had something common.  They all showed year over year revenue growth….  in this awful macro-economic climate.  Not just beating easily engineered expectations, but actual revenue growth.  With S&P futures down 15 or so points well before the opening bell, the buzz on the NYSE trading floor was clearly in “take ’em” mode.
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1) We got our first look at Q1 GDP this morning, and the results were underwhelming.  Guess Janet, and the gang got a look at this before we did.  I’m a nerd, I look at this stuff closer than most.  Going through the entire release number by number, I can truly say that there was no area within our economy that had me saying… “OK, at least that was decent”.  Nothing was decent, unless barely growing at all is your idea of decent.
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2) The Kansas City Fed Manufacturing Index showed us a -4 print today, joining Philadelphia, and Dallas on the wrong side of zero.  The ISM number, which really is the final verdict on manufacturing is due Monday.  Before we get there, you’ll see the PCE price index tomorrow morning.
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3) The S&P 500 really did have trouble at the 2095 level.  That said, the level has been pierced.  This afternoon should let you know if that level is a pivot, or actual support.  The 2111 level to the up is probably a “Bridge Too Far”.  we’ll likely see a level develop between here and there.  Should we see a technical failure, the rally point is at 2086, which worked like a charm once already today.
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4) The alleged rotation may not be working today, but Tech, and Energy, at least for now, have continued their recently inverse relationship.
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5)  The weakened dollar has strengthened Gold, but there is absolutely no movement into Utilities, Treasuries, or the VIX at this time.  The Safety Dance has been postponed.  Advancers have a mid-day edge on decliners at the NYSE, and advancing volume has a 9/5 advantage on declining volume.
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6) Health food for lunch, and maybe a long run tonight.  Who’s in ??