Industrial production out this morning underscores the problem for the market and the economy.  It’s all stalled and feels like everyone is kind of looking around.   Industrial production results of +0.1% versus consensus of +0.2% is disappointing, but construction was a bright spot.

• Consumer -0.2%
• Business Equipment -0.2%
• Construction +0.8

I don’t think the market can spin its wheels indefinitely.  The clock is ticking on some kind of spark, which could come after the close with results from IBM.  I think the company reverses some awful long term trends, but the street will be critical on how fast cloud is growing.  I continue to say management must be even more aggressive and seek out a massive deal to build share and momentum.