"Let us dedicate ourselves to what the Greeks wrote so many years ago: to tame the savageness of man, and make gentle the life of this world."

Robert F. Kennedy

Today's market action was a twofold operation to 

1)  give the people 'confidence' that a Greek default would be a non-event for the financial markets
2)  allow the financiers who were terribly off-footed by their mistaken belief that the Greeks would accept the Troika's domination some time to square up their accounts in their mispricing of risk.

And of course, it allows those who have been wrong right along to make new sets of predictions, burying their incorrect old ones under a pile of distractions.

Have a pleasant evening

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