In both text and subtext, Greenspan's message was bad news for equities.

Robust recovery requires risk-taking, but the Fed's continuing deflationary bias stands in the way.

Saber-rattling by Asian neighbors has made Japanese officials clam-up on Yen depreciation -- but it's still destined to go lower.

That New Year's party was fun. But now the markets and the economy are facing a deflationary reality that doesn't have a super-V in it.

The ImClone imPlosion has made a risky sector look even riskier. But that's not all that ails biotech.

The Fed is done "easing," but the deflationary shortfall of dollars remains unaddressed.

Paul Krugman and other pundits got splashed with Enron's mud last week. Should anyone care?

The markets are still out of whack, but the worst excesses of misvaluation have been repaired.

A marginal shift against expectations for sustained yen deflation is creating opportunities to short the Japanese government bond.

Don't forget that there's a currency play here too -- but you have to go to a little extra trouble to make it.