GROWL: The Seinfeld Rally

Much as Seinfeld was a show about nothing, yesterday’s 3% rip up in the NYSE is probably much the same – the market was ready to rally, all indicators to the contrary, and used yesterday’s total nothingburger initial unemployment claims report from the Bureau of Making S*** Up (also known as the Bureau of Labor Statistics) as all the catalyst they needed to gap up at the open and stay there.  Nothing was going to get in Mister Market’s way yesterday, not even a depressing report on the May monthly deficit – which was dutifully spun as “great news” by the propaganda wing of Fraud Street.

I guess Benron doing his Kevin “Remain Calm… All Is Well” Bacon schtick was totally killer yesterday.

Whatever. There are going to be plenty of days like this on the way down into the abyss.

Meanwhile, despite zero interest rates and almost no stated standards (again) as to who can get a federally-backed loan, credit is continuing to contract.  Yeah, that “reflation” strategy is working like a charm, eh Benron?

We have the weekly report on retail sales in before the open – a slight contraction from last month is already baked into the cake, so expect another rocket shot if there’s another “unprecedented” sign of “strength” there.

Update: Oh, and about those retail sales numbers? Uh, oops.

Could be a, ahem, bumpy day for the bulls.