But the bailout isn't inked yet?!

What?

Scheduled what?! Sheduled data? What's that? You mean that "stuff" we used to pay attention to before the Frannie Bailout? The "stuff" that the markets have completely overlooked for the last few weeks? Relatively important "stuff" that we should be looking at that we're not? What?! You mean, it's SO bad this AM that we actually had to sit up and take notice? Huh... Well, go figger!

That's right my friends....

Good, old-fashioned, lousy scheduled data! Our favorite kind.

• Jobless Claims down 32k to 493k. That's a quasi-Whopper! Highest since 11/01. The oh-so-important continuing claims are back up over a labor-market-nauseating 3.5 mln. MBS Likey.
• Durable Goods tanks by 4.5%. Consensus was 1.6%. Excluding transportation, we fell an appreciable 3% versus consensus of -.5%.
• Factory Orders worst level since January 1997!

Combine this with "buzz" surrounding the bailout and you have a recipe for the gains we're seeing this AM. Pundits, congressmen/women, and insiders all seem to be commenting that things are moving along at a nominally rapid pace as far as getting the bill on Dubya's desk ASAP. Capital markets won't price in all of that goodness, but it doesn't hurt.

An hour into the session, we're up 9 ticks at 100-12.

It's going to be tough to break through these levels in the near term. If we do, that's a very good sign. AND if we don't, it's STILL not a bad sign as there is a big store of potential energy that will be released when the bailout is passed. Things are looking floaty. More to follow