Risk assets (mainly stocks) seem to want to do better over the past few sessions - and that in light of what I would consider to be morey negaitve news than postive out of Europe. And gold is climbing on some of that negative news. Sure feels like markets want to do better and it is usually a good sign when markets respond positively to negative news. Credit hasn't participated much over the past few sessions, however, but I think some of that is due to the massive new issue calendar that is currently going on. The flows into US$ HY funds over the past 3 weeks (a record ~$7bln) are likely to continue to provide a very strong base....good evidence of our macro them of aging investors looking for true yield during a prolonged period of low interest rates.