Jaws ate my rally. We're gonna need a bigger boat. Two days in a row, open up, sell right into it.
And this was on a day when the news was pretty good: Germany approves the EFSF, and a decent weekly initial jobless claims.
We need a resolution. Call it what you want. A pan-European bailout...lever EFSF ...a bigger fund.
What about the slowing China, copper-at-new-lows story? Worrisome as well — big commodity names are at new lows:
Mosaic ,
Cleveland Cliffs ,
Freeport McMoRan ,
Alcoa ,
AK Steel .
But China does have some options. If China really starts to slow to, oh, 6 percent growth (!), they will ease immediately.
Bottom line: it's really tough to run a book of stocks here.
Elsewhere: joy! Estonia approves the EFSF expansion (yes, my life is down to Estonia).
So we now have 13 of the 17 euro zone countries voting, all in favor of the EFSF expansion: Estonia, Germany, Cyprus, Slovenia, Finland, Ireland, Portugal, Belgium, France, Spain, Italy, Luxembourg, and Greece.
Austria votes Friday. Waiting for Malta, Netherlands, Slovakia.
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