Some technical difficulties put us on the sidelines and WOW is it crowded over here. We continue to believe the tossing around in equity markets has more to do with the modern reality of monetized capital than economic activity. Groping to retro-fit a couple day's rise or air pocket down to the globe's growth path is a popular fool's game.
I still see signs of improved traction and confidence away from the circus that is the Naz and SP indices. Outside of Wonderland, markets fluctuate without immediately morphing to crisis. I expect the noise to continue at least until roughly half the earnings are out. Interestingly, we noted the "Black Diamond Day" on Hooper last week (and a weekly upside objective) that warns the next pattern will be a choppy mess. A broken router can also keep you from slicing yourself to pieces.
The stream is red hot with crash hype and Day of Reckoning vitriol. I'm not a fan of Greek or Spanish debt up here but this doesn't look like the crisis everyone's hoping for.