Gomez Addams Syndrome

Gomez had an elaborate toy train set up in his basement. I always got a kick out of the complicated and intricate displays he would run only to have them end in exploding collisions. The man should have been a Central Banker.

Trichet's comments this morning have only served to muddy the already silt ridden water of the EU non plan for debt re-profiling. It appears a more intricate and exciting track set up is desired. The funny thing is after you've seen it once, you know where the scene always ends...boom. Through the tunnel, around the bend, a near miss, back into the village...uh oh, the trains are on the same track! Morticia, where's Uncle Fester?

A time out in the equity slide provided the first concession in rate structures in quite some time. The bond tailed. We would like to see more follow through from today's session but the data and the date continue to support coupon clipping and bunker hiding. For now, the Rube Goldberg machine that is global central banking continues to twist and turn.

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