Summer is silly season in the markets and it is the dog days of summer. Oil inventories helped take the edge off the early oil rally as cude now trades at $114.80 from $117.00. Stocks liked what they saw and have bounced smartly. The Fannie CEO’s comments have helped as well. The S&P is up nine points and EUR/USD has eased into the 1.4720s. Markets remain thin and whippy, a condition unlikely to imporove until after Labor Day.