The market’s mixed close fairly reflected the mixed data on the day. The Euro backed off to the support at 1.2222, rallied, but then slipped later in the day after the ECB Board said it would bow to market pressure to release the results of the Euro-zone bank stress tests starting with the Spanish banks. That unnerved some investors, while others viewed it as a sign that the news must be better than anticipated, otherwise they wouldn’t release the results. On the economic front, the PPI was down less than anticipated, but the core was up more. Still, inflation is of little consequence at the moment. Housing Starts fell much more than expected, down to an annualized rate of 593,000. Permits were also very weak, just 574,000. In some way, it is positive to see builders not adding to inventory. Industrial Production rose 1.2%, stronger than anticipated. Capacity Utilization was at 74.7%. Essentially, companies are continuing to produce. They are not hiring. Inventories are flat to down. Demand is slightly higher. This should bode well for domestic earnings. FedEx earnings were in line with estimates, but their guidance was low. This may be the trend for corporate reporting. Companies should see solid profits, but tempered by the outlook that the second half of 2010 should slow. Companies are bracing for it, hoarding capital. Earnings season is still a ways away and the S & P is up 7% from its intraday low from just last Tuesday. A successful Spanish bond auction has our markets optimistic facing econ data.