The market’s early swoon is quickly disappearing.For one thing, Europe is nearing supper time, which means that all of the Greek and Spanish and Portugal worries can be put off for another day. And when they’re not worrying about Greece, there’s no reason we need to be.
(Actually, the US market has never worried much about Greece.)
Meanwhile, headline risk for regulatory reform seems to be gone. Obama’s speech was a real softball, and didn’t suggest that anything violent would be done in terms of reforming the banking sector. This is a relief.
In the end, we think there might only be one headline that would seriously spook the market. It has the word “tightening” in it.
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