Groundhog Day - is it Wednesday or Thursday?

Apparently I missed the "going out of business" sale on stocks announced this morning.  So we sell off late yesterday (bearish), and today - everyone wants back in.... ahead of an important announcement.  Just like they did yesterday morning?  What day is it again - this all looks familiar.  2 day chart, intraday below - carbon copy so far

Who is so antsy to get into this market?  Hmmm... count me boggled by this rush to own equity both morning's.

Well as "someone" pushes us right back to yesterday's highs we stare at the exact same resistance levels that we were staring at 24 hours ago.

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We had a few economic reports this morning, quite a toxic mix for Main Street but fantastic for corporate America.  Unit labor costs fell by over 5%... but productivity surged at a level I've never heard of before ... well over 9%.

• The productivity of U.S. workers surged in the third quarter at the fastest pace in six years as companies squeezed more from remaining staff to boost profits.
• The measure of employee output per hour jumped at a 9.5 percent annual rate, topping the highest estimate of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. 
• Labor costs fell at a 5.2 percent rate, capping the biggest 12-month drop since records began in 1948. 
  

In English this means companies are doing even more with less.  And these are the laws of the economic jungle... limited amount of jobs and desperate people willing to work longer and harder to keep them, while competition standing outside the door is willing to take lower wages to snag them. [Sep 4, 2009: Job Seekers Across America Willing to Take Substantial Pay Cuts]

• The productivity report also showed hours worked declined at a 5 percent pace, while output climbed at a 4 percent rate. 
  

This actually all fits part and parcel with many of my long term predictions as the globe flattens. competition increases, and domestically countless "fake" jobs created by nothing more than previous bubbles do not come back to the US.  Until Ben Bernanke creates the next bubble of course.  I won't even bother to rehash how regressive a policy it is to use your central bank to try to reinflate prices in a country where wages are stagnating.  It's pretty evil actually. 

• ....the 12-month increase in hourly compensation at 0.5 percent was also the smallest on record. 
  

The main hope as surely offered by financial entertainment TeeVee is there is some breaking point with the current workforce, and soon owners of said corporations will need to hire someone to help share the workload.  It's a great time to own capital in this world as the global labor pool views for X amount of jobs.