GDP numbers in the U.S. came out below expectations and stocks danced in the red for yet another day.

Credit was soft (weak) with flows fairly light across U.S. bonds.

Financials remain under pressure with spreads for Bank of America widening out 40 basis points as there were no bids for cash bonds with a few very eager sellers.

In a thin market, one or two sellers could easily drive the market for a specific bond wider.

Over the past week spreads for the Bank of America 10 year bond (BAC 5 2021) have widened out 100 bps.

To keep things in context, credit spreads for the benchmark Morgan Stanley 10 year bond (MS 5½ 2021) have crept wider from 455 bps a week ago to 555 bps.

Over the course of the same weekly time period spreads for the Goldman Sachs 10 year bond (GS 5.25 2021) have widened out from 365 to 450 bps.

In Europe, there was heavy selling of European SSA (Supra / Sovereign / Agency) paper by a variety of accounts: Central Bank, Real Money, Bank Portfolio, and Retail.

Rating agency Moody's downgrade of Norway's Eksportfinans had a negative impact not only on Scandinavian credits but also on other European SSAs.

U.S. Treasury bonds caught a strong bid amidst the unease and rallied despite the U.S. Super Committee failure to reach a decision on deficit cutting.

U.S. government paper, despite any deficit flaws, remains the favored safe harbor of many investors.

With the Thanksgiving holiday almost here holiday sales will be important to watch.

"Black Friday" the day following Thanksgiving is traditionally the beginning of the holiday shopping season.

With jobs and wallets under pressure, sales may disappoint.

This player watched legendary investor Barton Biggs talk about the markets; he raised some very valid concerns.