If you didn't catch the Q&A following Greenspan's congressional testimony, here are the lecture notes, annotated and linked.

At last the stars are aligning for deflation relief in Japan. That should spell more trouble soon for JGB's.

Stocks have been in a violent trading range -- valuation risks still cap the upside, and eternally springing hopes for a "V" recovery provide the floor.

Recovery? Maybe so. But buyer beware: that's not the same thing as expansion.

How come the yen is surging just when the BoJ promises to reflate?

The economy is supposed to be recovering. So why isn't Intel?

A recovery may be just beginning. Now let's hope the Fed doesn't fight inflation that's not there -- again!

Don't kid yourself that S.1940 is about earnings transparency. It's all about hidden taxes.

Wall Street may have already made up its mind, but Greenspan's careful signals mean a shift into neutral tomorrow is no better than a 50/50 proposition.

There's lots of happy-talk about recovery. But we still say the NASDAQ is fighting the tides of value, risk and history.