Normally, I don’t talk stock prices, particularly the Dow, which is an arbitrary and not particularly accurate metric of the stock market, but the fact that the DJIA closed below 10,000 today has a significant effect on the thinking of the markets, or at least on the thinking of the financial journalists.

On the other hand we do have some good signs, most notably that the interest rate premoum on junk bonds appears to be falling, which generally implies that financing is becoming more available.

Additionally, it appears that some sort of deal is in the offing with the EU to bail out Greece, which has driven voth the Yen and the dollar lower, because investors are not looking so hard for safe havens.

As is the norm, the falling dollar has driven oil higher.