market outlook as of 11/22/2008

--Initial jobless claims registered more than 500k each week for the past month, worst since 1982 --CPI MoM is negative -1%, feuling the deflation concern --Flight to quality drove 10y T-bond yield to 3%, lowest level since 1973 --S&P declined 54% since the peak in Oct 2007, the worst since 1930s --Advance retail sales dropped four months in row, unseen since the indcoator started 198x? --CMBS BBB- credit spread shot up to 40% --S&P dividiend yield exceeds yield on 10-y T-bond yield