It seems the on again off again euro zone troubles just keep coming. Wednesday it was Spain's turn in the spotlight with threats of credit rating downgrades. So, just when you think things are "fixed" they come unglued. This affair caused the dollar to rise and commodity related markets to fall as many investors get whipsawed about.

Despite the rise in the dollar and another bout of POMO bonds continued to sell-off. It makes one wonder at the Fed's policies frankly since the effect thus far has been the opposite of policy intentions. Further, the rise in yields will eventually become a negative for equity investors as higher yields compete for investor dollars.

That said, investors did get better than expected news today from Industrial Production (.4% vs .2% consensus) and the Empire State Manufacturing Survey (10.57 vs 3 consensus). Better earnings were noted from Office Depot and Staples to help the consumer sector which hasn't needed much help lately.

Volume was light once again while breadth was negative.

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