Happy Thanksgving .

Considering what's happening in bond markets equities are holding up pretty well. Down just 2.8% since Fridays close . In the debt markets things are grimmer - spreads have widened and Italys north of 7% again, Spain at 6.32% and France at a € era premium over German bunds . The belief is that the ECB isn't going to press the button on unsterilized intervention - the big bazooka or silver bullet - until we're at one minute to midnight . We're not there yet .

Anyone hoping that this will all be resolved by Thanksgiving will be disappointed . Christmas ditto .