The EZ is hoping to cobble together a nasty fiscal integration in an effort to hold the Euro together. Sensing the battle, the Swiss have drawn a line in the sand at 1.20. Here at home the markets are coming to grips with the impotence of both the Fed and the POTUS. Capital markets are in a chaotic mess in the name of "stability."
In stronger hands, refraining from further fine tuning could be taken as a positive. Not likely with this crew. As we discussed last week, the Op Twist crowd is hyping the activity without a clear description of the benefit. Big Ben's chat on Thursday morning may downplay his actions and hint at fiscal initiatives.
Lie-bor set at .336 today for another up tick. The Eurodollar strip is gravitating around .55. The anti-stability could reach its acme this week. Taking pieces that Hooper presents, rather than a bigger macro orientation, remains the game plan for now.