It’s just the beginning of quarterly earning season, and usually you get the good reports first.

But the credit markets are doing much better but still at high levels

Don’t worry about it…yet. A lot of money was taken out and most everybody is nervous about getting back in. Remember the movie Jaws?

Even when some people get back in it will take a majority of buyers to overtake the sellers and that could take some time. The real economy isn’t exactly going gangbusters.

But, speculators can take all this up and down in stride and maybe make a lot of dough.

If the bankers are lending again that’s good, but it will still take time to get the real economy going and only then will people really feel like jumping back in with both feet. Of course, by then there will be some risk-takers already in and profiting from the late-comers.