The bond market is wrong if it thinks that oil is doing the Fed's tightening job for it.
Greenspan won't take a pass tomorrow -- but that's where the certainty ends.
Oil and jobs mean higher levels of political and monetary risk -- but the economy is still robust and stocks are very cheap.
The Fed now has several new reasons to make old inflationary mistakes.
Over-excited fantasies have elevated risk premiums at the bottom of the trading range.
Back at the bottom of the trading range, the Technology Sector looks cheap in relative and absolute terms.
Intel's earnings report evokes the precipice before the fall -- but that was then and this is now.
A growth plateau won't save bonds from rising inflation and a behind-the-curve Fed.