Early Look

The market is slightly higher in early trading, after 3Q GDP came in in-line at 2.0%. That's an increase from last quarter's 1.7% rate. I think 2% GDP growth isn't that bad coming off of a stimulus induced year like last year. Call it a mid-cycle slowdown. But I don't think it's so bad that it warrants another round of quantitative easing.

I understand that the high unemployment rate is an issue, and I worry that the Fed is becoming too political in its response to these things. But I seriously doubt that another round of QE is going to have much of an effect on employment. I think it's just going to take time, as wounds from the great recession heal and businesses move on and look forward.

Asian markets were lower overnight; the 10-year yield is lower to 2.62%; the dollar is flat, as is oil at $81.80 and gold is up a bit to $1348; the VIX is up a little to 21.0.

Check back for my Trading Comments after the close today--