Markets are barely trading at all while waiting for a conclusion in Europe. Now at center ring are 17 panicked, flower-squirting clowns trying to jam themselves into a Volkswagen Bug. Although terribly at risk, financial people no longer care how it turns out. Fix it, blow it up, but drop this act.
As much as Euro bears would like to bet on Euro breakup by buying bonds and mortgages, they don’t dare — can-kicking will not end until it ends. And the bears are matched by a ton of people who still think that all the clowns will get in the car.