The morning started out innocuous enough with stocks buoyant amidst Germany's parliamentary vote on a bailout fund expansion.

There was premature elation that initial jobless claims were not as bad as expected.

But then Europe went home to sleep and the bears came down from the hills clawing stocks into the red.

Upon further analysis, it became clear that jobless claims numbers were still very, very, very far from signaling any marked change in unemployment.

Almost at the flip of a switch, the market tone turned heavy.

Bond sellers (there are not that many buyers these days) who would not budge their price by a basis point in the morning suddenly offered up the same bonds 10 basis points cheaper.

Stocks recovered off the lows and closed in positive territory but corporate bonds continue to trade heavy just like the weather in Manhattan.

As for Europe, Germany's parliament vote was expected and long overdue.

The real issue is how Europe deals with its next set of problems if and when it gets past the Greece dilemma.

This player has other things to worry about right now; this player has to be in Yonkers by sunset.

University of Michigan consumer confidence numbers are out on Friday and it is quarter-end (one of the most brutal quarters for many in recent memory).