Yesterday, the Dow closed up for the 5th day in a row, but just barely. Basically, Tuesday was a consolidation day. Lately, such pauses have punctuated a series of strong advances.

News flow was also downbeat yesterday. Various Fed officials noted the weak employment picture and the increasing prospects for a jobless recovery. Dennis Lockhart, president of the Atlanta Fed, warned that non-performing commercial real estate loans will be affecting smaller banks. Consequently, these troubled banks will not be making loans to small businesses, thereby crimping the recovery. If you are a small business person you know this is already the case.