Batchelor & Constable: Through the Looking Glass.  Simon Constable and I make no sense of the senseless news from the worldwide financial crisis -- the Great Depression in Denial.  From banks buying each other's junk competitively to a bullish call by hedgies and funds guys meeting in a super secret location west of the Sierras, we can find no confidence, just schemes,  manipulations, delusions, the emptying of the modern mind and then refilling it with popcorn.  The sanest group in the asylum looks to be the American consumer with a new report that credit card use dropped sharply in February.  The bankers and the hucksters want the American consumer back in the shop.  Not happening, and this must stand for the good news of the moment.  For the markets (left), there is the necessary rite of retest of the March 9 low, one hundred and fifty S&P 500 points below here (1300 Dow points below here).  The test line is the Devil's own 666.79 on the SPX.  Boo!