Groundhog Day

Same thing every day. Open lower on Europe. Drift sideways. Pumps on 1:30-1:45 ET. What a travesty.

A market on life support, breathing pure hopium. The ECB is the only buyer of PIIGS debt, and sooner or later the Germans are going to blow the whistle. In fact Angela has given a couple of preliminary toots:

“The way we see the (EU) treaties is that the ECB does not have the possibility of solving these problems here”

In case you hadn’t noticed, Angela, there is an Italian calling the shots at the ECB. I mean, when the Pope is German and the central banker is Italian, you know that things are not going to end well.

P.S. Looks like someone stepped on the hopium tube in the last hour. That wasn’t in the script from the last couple of weeks.

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