One of the backbones of finance is short-term, unsecured ...

One of the backbones of finance is short-term, unsecured loans to corporations known as commercial paper. These loans range from a few days to a few months in duration. They pay current expenses such as inventory and payroll. Increasing levels of CP suggests stronger business.

These numbers from the NY Fed are good news for the stock market. You can follow the CP market at http://www.federalreserve.gov/releases/cp/

Weekly (Wednesday) levels

Nov. 2   $  979.7 
Nov. 9   $  967.7
Nov. 16  $  999.6
Nov. 23  $  999.7 
Nov. 30 $1,002.1

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