thursday thrashing, page-3

US market a little grumpy but will get over it US consumers love to spend and a few minor setbacks won`t change a bumper lead up to xmas

from that CNBC link you gave:

Productivity, or hourly output per worker, increased at a seasonally adjusted 4.9 percent annual rate in the third quarter, the Labor Department report showed. That was well ahead of Wall Street economists' forecasts for a 3 percent gain.

Still, the dollar continued to weaken and exchange traders were continuing to short-sell the greenback on anticipation of it falling further. The dollar fell after a senior lawmaker in China suggested a bigger role for the euro in the country's $1.43 trillion foreign reserves and a Chinese central bank official said the dollar is losing its global currency status.

"The productivity (report) is probably not going to be much of an issue today because the market is just not in a very good mood," said Scott Martin, of Astor Asset Management. "The market just doesn't feel good right now and it just doesn't seem like today or the next couple of days are going to be really great for being long."

But there remained confidence that the market will weather another storm.

"When we look at the great productivity number, the great employment figure, total incomes, lack of inflation, interest rates still well below historical averages, we've got to get through this volatile period if you will," said John Lynch, chief market analyst at Evergreen Investments. "But I think the fundamentals still are supportive of slower but steadier economic growth and historically average profits."

Analysts agree, though, that market volatility will continue, reflected in the Volatility Index CBOE MKT VOLATILITY IDXVIX
24.92 3.53 +16.5% Chicago


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[VIX 24.92 3.53 (+16.5%) ], which has remained above its tipping point of 20 to indicate a volatile market.