Volatility continued this week, as U.S. stocks moved into bear market territory before bouncing on hopes that Euro leaders were finally prepared to address the sovereign and banking crisis head on. Given that there are many structural and political issues involved in forcefully addressing the concerns of sovereignty and bank recapitalizations, we will reserve judgment until we see a plan in place. What started out as a full flight from risk, quickly reversed itself as stocks and bonds found a bid that has been absent for the past few weeks. In contrast, Treasury and municipal yields rose as their quality bid faded. Economic releases were generally positive, with today’s jobs report better than expected, and various retail and auto reports also providing upside surprises. Earnings start next week and Euro leaders are scheduled to meet on October 17. Read the full commentary now
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