I have been writing in Quick Takes Pro that all of the econonomic indicators we anziously await each day have turned into noise. Here is an excerpt from a free Birinyi Associate report:
"Over the last eight years the number of indicators deemed to be "important" has doubled from roughly forty-eight per month to now over one hundred."
But wait! There's more! (Oh Billy Mays!)
"Additionally, these examples are only the ones that pertain to the US economy; today's market moves because of reports ranging from Chinese GDP to expected German exports to Greek debt."
Just this week the markets rocked and rolled over a Portuguese bond sale. It is a good thing I look at charts instead of following Ben Bernanke around to report on the size of his briefcase and color of his tie.