Monday Night

No updates today as I have been in Rome. The two key factors have been an unprecedented flood of dollars from the US Treasury and the European central banks (CH, GB, ECB) and the biggest rally on Wall Street in 70 years.

We saw the DJIA up 936 points. This is not good news. We don't need more volatility, we need stability. With this sort of volatility it is impossible to predict what will happen next - more volatility seems likely.

Had the central banks been in control we would have seen a more measured rise. Clearly, they are not.