NEW YORK ( TheStreet) -- Market sentiment decidedly turned around last week, globally. Apocalyptic drama around the world is fading but this does not mean the problems are being solved -- far from it. Prospects are beginning to look not nearly as gloomy as the eager black swan hunters made them out to be. Let's count them one by one.
But that's tomorrow. For now, Germany will cut the check to Greece so that they can pay German banks and exporters. Spain will, of course, happily resist any condition to OMT application for as long as the market does not push their debt yield over the pain threshold, as happened Friday. What crisis?