The world received a ton of new information this week, most in political cloak, all difficult to interpret. Markets accordingly have "wockety-tonged" all over the place, but the 10-year Treasury note sliding below 2.9 percent says the net effect is heightened anxiety.
The only straightforward stuff was U.S. economic data. Sales of both new and existing homes slid in May, but with no real change in pattern. Weekly claims for unemployment insurance are trickling upward: 11 straight weeks above 400,000, which is far below the 650,000 post-Lehman level, but about the same as the worst of the two prior recessions.
May orders for durable goods improved, but did not offset April’s decline; similarly, the Chicago Federal Reserve’s index in May was again negative, but better than April.
The endless Greek saga reminds me of schoolboy trial by "Odyssey" and "Iliad" fire. Lashed to a mast, but no sirens in sight. Could Odysseus just … go home? The European proceedings are now officially stupid, an argument over verb conjugation: default, defaulting, defaulted.
Each day that the inevitable approaches, stocks sink and cash goes to bonds, then reversing at each new and absurd procrastination.