Summertime Lullaby

(1) Porgy, Bess, and all that bullish jazz. (2) Bull to bear: “Hush up, little baby.” (3) Summertime, and the bears are still hibernating. (4) The 2-by-2-by-2 scenario is the consensus. (5) Worry list: Central banks’ balance sheets, reflation, and the swamp. (6) ECB and BOJ not rushing to normalize. (7) S&P 500 Financials stall on flatter yield curve, lack of volatility for trading desks, and lackluster loans. (8) Movie Review: “Dunkirk” (+ + +).