The run to (near) 15 was almost inevitable. Let's face it - Geithner
didn't travel across Europe for a week to do sightseeing.
Strings were pulled and everybody was on board
for the latest chapter of Fiat Dreamland.
When the EU announces that it will print fiat by the trillions,
14 will be a distant memory.
Held support at 42 and is bouncing a bit this morning.
Nothing much to feel bullish about here.
All that's preventing a crash through thin ice at 42
is the lack of a QE-ish announcement in Euroland.
It's hard to enter FAZ here. The deck is rigged, the dealer is cheating and people betting in a pair of deuces are somehow raking in big profits. People? Okay, let's just say they're under orders to stack the deck. Under orders to bet on crap. They're all the same and logic has nothing to do with the results.
The market could melt up through the rest of the year. Or we could see another huge rally get kneecapped with a couple of incredible flash crashes. I'm still all cash.