Is this a clam in the storm? The Labor Numbers this Friday will either bring some relief (without spin) or it will continue to give us pause for caution going forward. Optimism seems to be rattled after the New Year, after expectations was for a broad rise in forward guidance by companies and jobs - not more caution. The other big injector is political positioning and "threats" to the financial system with punitive legislation disguised as regulation. Big tax raises are purposed by Obama in his purposed budget, along with "fees" (another form of tax), not to mention more stimulus. So we certainly not down with the credit crisis.
                The next big issue to surface will be the purposed end of the Fed purchasing mortgages at the end of February. If they do stop (as they have said) we should expect some upside volatility to be injected into mortgage rates and also corporate borrowing rates. Not sure if the decks are clear enough for the Fed to stop without causing some volatility and I wouldn't be surprised if the Fed extended it at the last minute.