The Market is On Autopilot

You can tell that everyone has checked out for Thanksgiving, and the market is on autopilot. Best case scenario, they are checking prices on their iPads while in line to get groped.

Meanwhile, the yields on Ireland, Portugal, Spain ten year government bonds are all higher today. Read my post from last week on why the Euro is failing. It seems like the scenario I proposed in my Dangerous Market Conditions post is playing out.

My new stupidity index is Allied Irish Banks (AIB) stock. I've been offered AIB subordinated debt at 30% yields, a strong suggestion that the bank is insolvent. Yet AIB is up 15% today, indicating high levels of atmospheric stupidity.