… New waves of Light are on their way to Earth, their effect is twofold, a lot of mess rises to the surface so that finally something is being done.
What is emerging, both for individuals and for entire societies can no longer be swept under the rug or covered or denied.

Now something is done, it is recognized and released. Nothing can stop this process, since these waves are too strong.
Upon release it is impossible to go back to the old pattern. It does not matter if you can imagine that or not. Say: I am open to the changes that are taking place. The entire Universe is ready to assist and help each and everyone of you.

David Kotok

Markets reacted to this crazy week of discredited, ADP-based employment forecasts, LIBOR revelations and central bank fizzle.  The result is plain ugly.

In Europe, post-ECB, credit spreads widened.  Good-guy yields declined; bad-guy yields rose.  See our updated EU contagion series at www.cumber.com.  Note how Swiss yields are negative until the 5-year maturity (which is a whopping 7 basis points).  For new readers, see our archives on why the Swiss 10-year government bond is now the de facto benchmark for the eurozone.  The European Central Bank demonstrated too little, too late.  This week’s Draghi Q&A did not help matters.  We continue to underweight Europe.  It is still too soon to bottom fish.