This is the essence of Empire

It was a day of resistance levels getting smashed.
Treasury bonds sold off with the 10 year benchmark Treasury bond breaching a resistance level around a yield of 2.1%.
Stocks rallied hard with the S&P stock index breaching a resistance level of 1,375 while the Dow stock index soared well above the 13,000 threshold.
Credit spreads for corporate and financials bonds ripped in tighter as if in a vacuum.
As this letter correctly predicted last week, the liquidity fueled rally continued full speed ahead.
Bank stress test results released by the Federal Reserve showed most banks to have sufficient capital ratios.
That is not surprising considering all the Federal help that banks have received.
JP Morgan announced a major stock buyback program that also boosted the markets.
The Federal Reserve signaled no changes in its interest rate policy but the language that it used to describe the economy was more upbeat than before.
Retail sales numbers were slightly better than expected but the problem remains chronic unemployment.
The U.S. dollar closed higher against the Euro at 1.31 as Spanish bonds continue to trade heavy.
This player spent time at the Ambassadors' Forum at the Willard Hotel in Washington, DC.
Current U.S. Ambassadors to more than a dozen Middle Eastern countries shared their views on ways to increase trade and commerce with the region.
The Ambassadors all impressed with their professionalism and their command of commercial matters.
This is the essence of Empire.
But unfortunately they have an uphill battle to fight on the public relations front.
The weekend massacre of unarmed Afghan civilians raises new questions about the wisdom of the Afghan war.
That, combined with high unemployment, will pressure President Obama at the polls come November.
Empire Manufacturing and initial jobless claims numbers are out later in the week.