Stocks closed higher again in what continues to feel like a technical short-covering rally.

Greece is no closer to resolution and macroeconomic concerns continue to dog the U.S. economy.

The Chinese bubble has not burst yet and will have wide-ranging repercussions when it does.

The S&P stock index closed +1.3% higher while treasury bonds sold off in a risk-off trade marked by relative illiquidity.

The yield on the 10 year Treasury bond popped back up above 3% while the 5 year yield closed above 1.5%.

Oil is back up to close above $92 a barrel.

Notably corporate cash bonds are still trading heavy.

Market players still lack conviction and remain to be convinced that this rally is "real."

In the U.S. continuing debate around the debt ceiling is a diversion from the real issue: the Fed's proclivity to print money.

Printing money will debauch the currency and stir the cauldrons of inflation.

As a cautionary tale it took Brazil and Turkey a long time to tame runaway inflation.

It is time for policy-makers to look at alternative methods to revive the real economy; the state of Texas can provide a good blue-print on how to proceed.

The IMF (international Monetary Fund) stayed true to tradition and selected a European head, naming French finance minister Christine Lagarde to the top post.

Investors expect few surprises from the Greek parliament vote but caution is in order; Greek rioters could very well bring on a "Greek Spring" as civil unrest escalates.

European banks are naturally inclined to play an active role helping Greece slog through its debt problems; an outright Greek default would take out a few European banks along with it.

When all is said and done, however, Greece has still come far thanks to the European common market.

Thirty years ago, the Colonels would have seized power by now.