So today was pretty mediocre for domestic data: ISM missed expectations, all of the sub-components were poor, personal income for January was poor, personal spending missed expectations, and construction spending unexpectedly shrank.
And yet… stocks are up. Decently.
So the buz at the moment is: Did the Bernanke Put just come back? Did the odds of QE3 get ratcheted higher?
it’s conceivable that that’s what’s going on, though noteworthy that gold has still barely clawed back any of the losses from yesterday.