As the Lilliputian retailers rejoiced their better earnings, the gigantic Wal-Mart drags down the DJIA, and NASD bounces up an additional .56% to 2363.77, thereby, causing a bi-polar day for stocks and indifference for the bond market.
The economic data being reported this week focuses primarily on the consumer.
Today, the 91-day t-bill auction result wore a discount rate of 4.975% and a yield of 5.108%. The 182-day t-till auction result featured a discount rate of 4.955% and a yield of 5.153%.
The mid-term election is one week away and this is when the sausage making part of party politics shifts into high gear. The closer you look, the less you enjoy.
So, if Wal-Mart is a proxy for middle-America’s economy instead of the Robb Report stuff, are we being served Hebrew National Franks or plain wrap wieners for supper?
And, what’s for dessert?