I am attending and speaking at the Chicago Trading and Investing Confab on Thursday. It looks to be an exciting and fun get together.

A few market observations while we step away:

This may, in fact, be "the stability." The equity markets dug in for a second session and defied the bearish cries of the charts that the prior lows were failing. The sideways market more characteristic of extended malaise could be coming into view.

The 5 year note has gone catatonic since "Twist" began to surface.  The newly hatched bond bulls of summer are hanging on to a second attempt up and quietly moving toward the door. Hey, its been a 25 year secular bull, but we'll always have 4 months in 2011, right?

Developed market CBs are coordinating more printing but some now see it as a sign that loss recognition is near. We never viewed this as a "Lehman" event. Contagion risk? Yes, but also the risk of moving forward. I remember getting whipped in an away HS basketball game. The coach came in after and proceeded to flush every toilet in the locker room. He then said, "This shit ended here." Europe needs a moment like that.

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