The Market On Friday

Good morning and welcome to the weekend. It is 54 degrees, cloudy, and with a promise of sunshine here in Upstate NY. I ran, not walked, a 3 mile loop earlier this morning. It was dark out the entire time and rather beautiful. We had some cool crispy air, lots of kids were waiting for school buses, and the neighbors drove by carefully. The power returned at 1:00 a.m. after being out for 12 hours. Right now the oil is draining out of the generator, its overdue for an oil change. Have to admit buying a generator when we moved into this house in '08 was our best move. If we didn't own it our basement would be flooded right now and we would be throwing out food. At least that was avoided.

At 8:15 a.m. futures are flat, the dollar is down, and oil is slightly up.

Notice that the message is coming through in drips and drabs that a 'technical double dip recession' is no longer the dominant threat. This is of course without relevance to main street America as a long depression continues.

Also notice that the fear of the Euro-debt crisis is slightly easing. Like our main street depression, this is accomplished on the backs of the Greek people who are striking and protesting the imposed austerity measures that they are not really responsible for. The elite gain, the little guy pays the price.

CNN: Stocks: Waiting on Europe

...European leaders confirmed that they will meet multiple times over the next week to approve a key plan to resolve Europe's debt crisis.


"The worries about recession are starting to recede a bit..."


Ben Bernanke's No. 2, Vice Chairman Janet Yellen, will give a speech on "The Outlook for the U.S. Economy and Economic Policy," at 3 p.m. ET in Denver.