For the Fed, the productivity numbers and the very well-restrained unit labor costs are good news, confirming that they didn't have to take action to pace the economy.
More Quotes from Bryan Piskorowski:
It was really a story of positive earnings on the tape and no major hiccups on the economic front. You had decent reports from three sectors in general industrial, tech and health care.Bryan Piskorowski
It looks like a lack of bad news has brought out a little short-covering. It's a respectable open after the last couple of days we've had, but I'm hard-pressed to call it any trend.
Bryan Piskorowski
There's a certain amount of anticipation about earnings. The earnings focus is likely to be tech and Intel for the next few sessions, and then Thursday and Friday, it's all about the banks.
Bryan Piskorowski
You have nobody willing to be a hero here -- it's hard for people to step up to the plate. Trade over the past two sessions has been very speculative. If you removed Iraq, you'd probably have a market that was doing OK.
Bryan Piskorowski
We've got some decent data points to work through over the rest of the week. The new home sales, initial jobless claims are particularly important and Friday we have Michigan sentiment. But it's been the case of late that if the news is good, nothing happens and if the news is bad, we sell, so we'll have to see how these reports play out.
Bryan Piskorowski
It looks like bad news is bad news and we have the grim reality of a slowing economy.
Bryan Piskorowski
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