Although the early morning economic data was much better than expected, especially GDP plus 5.7%, stocks are just above unchanged and bonds, notes, and mortgage backs are grinding higher (rally).  Most of the improvement in treasury and mortgage pricing can be attributed to month end hedge fund extensions.  Barclays index, which most money funds must follow, call for a .06 duration extension in fixed income funds.  This is healthy and has forced firms that must comply to the index to step up and buy all the instruments we just talked about.

Concerns over stock price valuations continues to support our market as well.  China slowing its economy, Greece going broke, and political policy uneasiness in Washington DC are all giving the stock market a  continuing headache.  Monday will be a new month and the hedge fund buying will be history.  More this afternoon as we wrap it up for the week.