WELL?

Well what?  What am I supposed to do make things up out of thin air?  I told you nothing was going to happen and nothing did.  I've been putting stuff together out of whole cloth and it wasn't until today that anything interesting bubbled up.

You might have noticed that there has been some talk about the ECB essentially guaranteeing a cap on Euroland interest yields...a verious curious thought indeed.  I guess for it to occur the ECB would have to announce that they are a buyer whenever the Spanish 10 year approaches..........and there's the problem.  What is the "right" yield for the Spanish 10 year, who decides it and if there is a difference between the 10 year of Italy--up or below--you know there is going to be hell to pay somewhere.  I kind of dismissed the notion as did the Bundesbank yesterday but lo and behold the German politicians began making cooing sounds today at the prospect.  I still don't think this has legs but in such a crazy time as this who really knows.  Rather, I think it is just another way to keep the can moving and not much else.  Of far more importance is the Greek PM, Samaras, meeting with Junker in Athens tomorrow.  Problem is, nothing will come of it.  The economy is awful, the numbers are worse, but there is aenough cash for the nextpayment to be made.  "We are encouraged by the efforts of the Greece Goverment to deal with the crisis, work with the financial authorities of the Eurozone...blah, blah, blah."  Or some variation on that theme.  Meanwhile, Spanish and Italian yields have indeed come out of boredom if nothing else aided by the fact that there are few traders at desks anywhere.  It's still August.

On this side there has been a remarkable rally in the stock market.  I know nothing about the stock market so I will not hazzard a guess as to why for as it seems to me the economic situation has hardly changed, but I have taken notice of the fact that right at the forefront have been the banks which is equally puzzling given that they were considered toxic 4 months ago.

The Yankees are in first place, The Giants look good in pre-season, football has begun in Europe, God's in his Heaven and the world seems all right to just about everone.  The again, August ends in 10 days.  Write if you have news.