Happy Days Are Here Again, For Now

(1) Consumers and stock investors are exuberant. (2) Big divergence in sector performances. (3) Another relief rally to record highs. (4) Carter handed Reagan hard-to-clean mess, while Obama’s messes might be cleaned up faster. (5) GDP and retail sales at record highs. (6) Rising mortgage rates should boost buy-inadvance housing sales. (7) Consumer Optimism Index at cyclical high. (8) Profits recovering from Energy-led recession. (9) The half-full Monte. (10) Arrivederci, Renzi? (11) Italy’s bail-in problem. (12) The ECB is ready to help as best it can.