Economy Rolls On

It appears as if Wall Street is back to focusing on the economy after the external distractions of the last few weeks.

I don't want to slight the horrors in Japan, fiscal problems in Europe, or the turmoil in the Middle East, but Wall Street is a reflection of US economic prospects and the underlying value of corporations.

Tech shares are up. Oil prices are up. Jobless numbers fell. Orders for durable goods fell. Apple is having troubles meeting demand for the iPad 2.

I remain long in low beta stuff. Still thinking "trading range" between the highs and the 6% correction.