What a rally…

Looks like that German constitutional court ruling on the Greece bailout from LAST year really got everyone’s blood pumping(even though the outcome was already known). The realization that Germany can keep throwing money into the Euro cesspool might have erroneously made some folks bullish. But the vote today really had nothing to do with future Euro issues.

Once again this rally looks silly. Fundamentals in the US and Eurozone are unchanged. People are grasping at any shred of news. The sad thing is it will probably continue the rest of this shortened week. Obama will blow a lot of hot air tomorrow that is already getting opposition from the GOP including senate minority leader Mitch MCconnell making real bipartisan consensus and action already dead.

For our sake we hope the rally continues and volatility abates a little bit…We’d absolutely love to go deep on some cheaper S&P puts in the next two weeks prior to the fed meeting. The late September/October period could be a disaster.

Cheers- and it goes without saying but don’t get sucked into the “rally”


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