The market has turned higher, but there is still a disconnect between that spike in initial jobless claims and the reaction in both equities and bond yields.

Goldman (GS) says the reason for the spike is a quirk in the NY reporting, which suggests the number will come down next week. 

Not only is the market not galloping ahead with reckless abandon, but it is once again being led by traditional safe havens (Utilities and Real Estate). 

Until the S&P 500 breaks above 5,250; tread cautiously.