Economic data were sparse and mixed this week. As usual, anything related to housing was strong, while indicators related to manufacturing were weak. Labor market conditions are stagnant. While new weekly jobless claims plunged in the most recent week, the four-week average showed that claims are holding just above the 400,000 level. December retail sales won't be available until mid-January, but anecdotal evidence suggests that holiday sales weren't good. The sluggish sales pace has depressed equity prices at year-end.