The most recent news on employment, which shows good employment growth, is good news, but I would not start singing Hosannas yet.

There are a number of temporary externalities, most notably a 40% drop in the price of oil in the past 6 months and renewed froth in the housing market, that account for much of this, and neither of them are sustainable.

Also, it increasingly looks like the big casino on Wall Street is back, and they can f%$# up anything.