Late yesterday the Federal Reserve released its Beige Book report on regional economic activity (or lack thereof). There were a couple of recurring themes. Retail was mostly described as “below expectations” and “weak” while Real Estate had relatively good news with descriptions like “up tick” and “sales higher” sprinkled into with the normal doom and gloom stuff. Yet as many readers of my daily commentary know the market is leaning toward the good news no matter how many rocks have to be turned over to discover such news. (By the same token Wall Street is ignoring huge backlogs strong earnings ...