Stocks took a breather yesterday as the markets dropped a little. Industrial Production was down 1.4% and Alcoa cut its dividend. Markets cannot keep going up without more good news. AIG seems to be a big focus of frustration for the O'Bama Administration, The Fed, and anybody else who reads about the big bonuses being paid to their executives and the large sums of money given to them by the government to keep them from failing.
Today, we got some good news as housing starts beat expectations and grew a little from last month. The markets are waiting on the Fed's comments this afternoon as well as details on the private/public partnership. Perhaps stocks can get a little bounce on the housing numbers but unless we get a steady stream of good news, the shorts won't get scared and stocks will again retreat as earnings reports spew out bad numbers and dismal forecasts.
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