Well, the news of European bank recapitalisations by governments underpinned an optimistic rally on the stock markets. But they will not return to previous levels. Volatility like this is a trader’s paradise. Index fluctuations of 3% (and up to 8%) are extraordinary and not indicative of value. But opinions seem to have value. The real economy still needs work. If you’re a buyer, buy for the long term. And beware. Look for value in the real economy. Buy real assets if you can.