Belisarius is keeping this week’s posts short as he’s on vacation and in a beach vs. blogging standoff the beach is winning. The markets, anyhow, make no sense as gunning the market up on a no economic data week is the flavor of the week. This is the beach Belisarius enjoyed today.

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I already wrote that Greece returning to financial markets despite receiving fully funded bailout is a stupid idea: Greece Returns To Financial Markets. Apparently idea to issue 1-year bills was scraped and they are planing to issue 6-month notes. Reuters story: Greece to sell 1.25 bln eur of 6-mth T-bills July 13. Greece will auction 1.25 billion euros ($1.58 […]

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Well, we are just shy of critical level of -10.0% level despite improving initial jobless claims and equity market bounce. Chart 1. ECRI Weekly Leading Index

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Again down… Brake-even for shipowners is around 2.200, so most of of the shipping companies are losing money at this levels. Chart 1. Baltic Dry Index

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