On Wall Street, at least, it’s the same old story. Seasonal forces (the “summer siesta” I’ve talked about), coupled with record oil prices, have triggered a mild pullback in the stock market. But perky earnings reports from the June quarter keep luring buyers into selected stocks.

Please don’t ever tell me the stock market is rational. Yes, it has its moments of calm, and intervals of lucidity. But craziness too often seems to be the rule, not the exception. We saw two vivid illustrations of the “crazy principle” in yesterday’s trading.

What happened to the March stock market “correction” I’ve been talking about? Don’t worry. It’s almost here. As old market hands know, stocks have a tendency to rally during the last few days of the month and the first couple of trading sessions in the new month.

New York’s fiery Attorney General Eliot Spitzer has landed another blow — this time against the insurance industry. In a lawsuit announced yesterday, Spitzer accused insurance broker Marsh & McLennan of rigging bids to inflate its own commission income at the expense of customers.