One Trick Pony
This is a new week and what does the one trick pony do? Buys assets because he thinks that the Fed and the Central Banks of the world will inflate us out of here. That is the pony that galloped on the scene with Alan Greenspan and which is now being led around by Ben Bernanke. I say led around, because the baggage that that position has created is too much to have a rider also.
No change in our Macro View. The direction set by Europe is austerity and it is coming here in little pieces.