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Just so I understand

January 25, 2011

Richmond (granted small) fed survey: 18 vs 22
S&P Case Schiller shows “broad drop in home prices”

J&j earnings miss and they say “sales of consumer products fell sharply”

Futures are off only 50 bps. The dollar is up though, mainly because England is falling apart, along with Spain.

The funny part here is that the euro is flattish and the European markets didn’t move too much on the British growth news. That’s a bit surprising because of the sizable move up the euro has had vs the dollar recently.

The final piece to add to this? The IMF is pointing out that Europe still has some pretty crappy debt….curious timing. Note that the dollar is pretty dang close to falling off a cliff and NOW the euro bad news comes out, pumping up the dollar.

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