I want to revisit the news and a few things that were lost in all the Fed hoopla earlier this week. The Consumer Confidence measured by the conference board missed consensus estimates, but the devilish details are even more worrisome. It is getting harder to find jobs and those who seek jobs will find the difficulty increased significantly in the future.

The news mirror what we've seen recently in Gallup's U.S. Economic Confidence Index, which has been on a tear since August. Last week, it slipped back into negative territory.

Something is bugging Main Street, and without a doubt, it revolves around jobs, wages, and the policies out of Washington, D.C.

The Market

Surprisingly, nothing's bothering investors, not even the lackluster volume that's gotten even thinner as of late.

Volume on the NASDAQ is even more alarming from a purist's point of view. In fact, the only spikes in volume have come during periods of distress. I get that volume has been a characteristic of this rally since 2009. However, I would like to see it as a stronger sign of confidence in the rally as we breakout to new highs.

Let's call it a yellow flag. It isn’t enough to sell, but it does mean hiccups will lead to exaggerated moves to the downside... it’s something to keep in mind.

Today’s Session

Initial jobless claims jumped in the week ended February 21^st to 313,000, surpassing the consensus estimate of 290,000 and the downwardly revised reading of 282,000 (from 283,000) for the prior week. The 4-week rolling average increased by 11,500 to 294,500 claims, which reiterates the notion that it’s getting harder to find jobs. Continuing claims, which lag by a week, fell by 21,000 to 2.401 million, with its 4-week average increasing by 2,000 to 2.399 million. Nevertheless, the unemployment rate for insured workers remains at 1.8%. The disappointing figures lead us to believe that the February employment situation report may not be as positive as originally anticipated.

Below are some notable companies that reported earnings results this morning.