Markets started today with giddy hopes for a miracle cure as the EU promised another round of bail out capital for the Greek banking system without any cuts to current debt holders…they have promised to release details of their magic potion formula by the end of June.
A review of reality with Nouriel Roubini is worth watching. See the Bloomberg clip here.
To recap today’s other happy news so far:
–US housing market back in double dip, with prices nationally at 2002 levels and falling with “no relief in sight.”
–Consumer confidence is at recession levels and falling
-The new orders component of the ISM Chicago business barometer slumped 13 points to just 53.5 this morning, just 3.5 points above the key 50 reading that separates recession from expansion. The overall barometer dropped to 56.6 in May, its lowest reading since November 2009. The employment component of the index fell to 60.8, from 63.7 in April.
But wait, the EU promises to reveal proof of the tooth fairy by the end of June, I guess we should all rest easy… Bond yields quietly dropping, US 10 year note at 3.05…
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