Never mind the concerns, the bears are wrong, the markets will shine. This is not the official ECB monetary policy statement but maybe it should be. While it is not exactly the Sex Pistols singing ‘Never Mind The Bollocks’ the point is that no matter what cynical investors may have envisioned, the ECB and particularly Mario Draghi are stars. But should these stars be shining so brightly, that is the question? Not Shakespeare, but yet another dose of rationale as illusions seemingly prove they have staying power.

The EUR continues to stay near its highs against the USD as of Monday morning. While many questions remain about European growth, the recession, Greece, and a myriad of other items all is good in the world. Have no fear, the ECB is here.

Crude Oil lingers near highs. Supplies are consistent, but again the stage performance from the ECB and Fed have been too good to pass up so risk taking continues with this physical resource. True, political tensions are a concern in the Middle East, and though it doesn’t have much to do with supply the political and nationalist demonstrations (riots) taking place in China against Japan are not exactly the stuff of sweet bedtime stories for investors.

Gold as of this writing is near 1771.00. The precious metal remains in a pragmatic dance of upwards mobility with its partner the EUR. As the Single Currency has emerged from its abyss, Gold has shown all of its luster for speculators and investors who are concerned about inflation.

The broad markets including forex and equities, yes, even commodities are proving that they are marching to a unique and baffling drummer in most instances. Yes, inflation is a concern among a handful of grains and their residuals like cattle and poultry, and bio-energy. However, the broad markets are not climbing in our opinion because of a belief that in one or two years the global economies are going to be significantly better, the fact is that the ‘great recession‘ may be percolating right where it is now or could perhaps even have taken on a darker tone by then.

But today the sun shines on the markets and to top it off we have a Presidential election coming from the U.S. in a little under two months time. Certainly the American people will do the right thing and put a person in charge of the economy who has a clear and decisive viewpoint on how to improve things…………or will they?

Until a dose of reality somehow comes back into ‘vogue’, we believe the ECB should be singing, ‘Never Mind The Concerns’ and let the good times roll. Maybe Madonna can sing it and do a dance number.  In case anyone is paying attention to data, the States will release the Empire State Manufacturing Index today and tomorrow the German ZEW Economic Sentiment reading is on the schedule.