CNBC's Bob Pisani and Art Cashin, of UBS, discuss happy talk coming out of Europe, including Fitch saying it was unlikely to downgrade France's AAA rating, at least for now. Europeans are having a "sigh of relief rally," says Cashin. He also discusses what's happening with ETFs and Alcoa's earnings results.
In a discussion on whether the Federal Reserve's "Operation Twist" has been a success, CNBC's Rick Santelli says the 2012 election is especially important because President Obama "isn't really a president, he's the head of the Democratic party." Santelli also has some criticism for Speaker of the House John Boehner.