A rebound to solid levels would indicate today's report was not the start of a trend, ... Another month near these levels would create some concern about the strength of the housing sector.

The tone of the statement, which I read as being surprisingly upbeat, considering everything we've heard, seemed to indicate that the whole idea that they might buy [longer-term bonds] is off the table, ... Unless we have real signs the economy is faltering, we may have already seen the bottom in mid-to-long-term rates.

To put it mildly, durable goods orders have been all over the map but the trend appears to be slowing.

We should be seeing better job reports in the next few months, and that could start on Friday,

So far, the cracks in the housing market are not that great, but with inventories skyrocketing, that may not last long.

Claims have been drifting well below normal levels throughout the month. On the eve of the January payrolls report tomorrow, it could just indicate that a blowout (strong) number for payrolls could be in the cards.