Big bounce yesterday in equity markets, with everything else as expected (bonds down, short term rates up, oil up, gold up, etc).

Of course driven by the first estimate on US Q3 GDP, coming in at 3.5% annualized on previous quarter, which was marginally higher than the 3.2% the median expected. So what... what's statistical uncertainty on it? 0.5%~? Physicists get my drift.

This morning european numbers are not so good.

PPI and CPI numbers in Germany, France and Italy are lower than expected or negative, continuing the deflationary trend, EU official unemployment stays at 9.7%.

So what's new?

Nothing has changed.

Don't get too excited: Markets remain very nervous and volatile.

Outlook remain the same.

Stay the course.

Listen to Bob Dylan .

Whatever.