Paradox of hedonism http://en.wikipedia.org/wiki/Paradox_of_hedonism .
1. Who cares about the past? And Wal-Mart' s fortune is inverse to the whole of America http://blogs.wsj.com/marketbeat/2009/01/08/retailer-woes-dampens-investor-spirit/. Associated Press has more on that: http://news.yahoo.com/s/ap/20090108/ap_on_bi_ge/retail_sales.
2. Assuming the German failure and the Fed's unprecedented monetary policy that is turbo-charged by "Quant Easy", the sale of 10-year notes is a clear succeess. Dow(n) Jones (NWSA closed 1.4% down at Nasdaq) reported: "1810 GMT [Dow Jones] Tsys five-years and out were lifted after a well received 10-yr note sale, the second time the issue has been reopened. Rate came in at 2.419%, well below the 2.464% rate on when-issued note before the auction, a sign of strong demand. Bid to cover and indirect bid were both higher than last reopening, at 2.59 and 17.7%. 5- and 10-yr notes are outperforming, with 5-yr up 9/32 at 1.60% and 10-yr up 18/32 at 2.43%."
3. Dow(n) Jones reported: "1916 GMT [Dow Jones] Walgreens (WAG)'s $1B 10-year note priced to yield 5.318%, according to a person familiar with the deal. The spread was 287.5 bps over Tsys. The spread on a five-year Walgreens note due 2013 is 258 bps, according to MarketAxess. The company is rated A2/A+- and considered stable."
4. Did Obama talk at all?
5. Just to re-fuel to turbo-charger, the Fed buys 10.2 bln of agency MBSs, latest data here: http://www.newyorkfed.org/markets/mbs/index.html
6. US senators, Citi and others save the US housing, as ultimate solution is "in" hand: http://www.reuters.com/article/topNews/idUSN0854743320090108?feedType=RSS&feedName=topNews . It has nothing, really nothing with issues like this: http://calculatedrisk.blogspot.com/2008/12/dugan-high-re-default-rates.html.
7. Weekly jobless claims better than expected http://www.cnbc.com//id/28556067
At the end of day the S&P500 closes 0.34% up. Energy, telecoms and Technology lead ... Consumer Staples (got Wal-Mart?) and Financials are dogs.
Where is my Champagne?
Update: S&P500 Futures are losing all the gains into official Futures close 15 minutes after cash closing, some retailers (COH) and energy issues "piss the bed", Fed's Hoenig speaks of "very severe adjustment" ...
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