Stocks Go Nowhere On Day When Nothing Happens: Here's What You Need To Know

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So much not to talk about today!

But first, the scoreboard:

Dow: -15.71
NASDAQ: +3.1
S&P 500: -1.51

And now, the top non-stories:

  • In Asia, there was very little activity overnight. China was up modestly, and the Nikkei was down modestly.
  • In Europe, the big news came out yesterday — leaders are fast at work discussing a brand new super-mechanism — a Eurozone-wide e-bond that would be used to link the Treasuries of the various countries. Unfortunately Germany is pretty clearly against this idea, and for now the ide remains strictly hypothetical.
  • In the US there was almost no news. There was no macro news, or really even micro news. If the dollar had declined we might have had a storyline about Bernanke going on 60 Minutes and that having some impact, but the dollar was up. On the other hand, silver and gold did explode higher, so that could theoretically be ascribed to Bernanke.
  • Of note: Nouriel Roubini is calling for $1 trillion more in housing losses, while Bill Ackman is calling for a housing rebound. Click here for Ackman’s presentation >

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