Dammit – this post took too long to prepare – DAX is back below 6900 as I type this.

[UPDATE: it popped back above 6900 after I posted the post, so 6900 is a valid entry]


Anyhow: trade logic is as follows: do you think that all of Germany’s listed-stock problems go away even if the professional bullshit-artists like Draghi and Monti manage to force through some or other rescue fund for the incompetent Southern Europeans?



And when (note: I specifically did not write “if”) the problem spreads past Spain and Portugal, and ‘nek minnit‘ everyone’s talking about how France‘s CDS spreads have blown to new wides (and that’s coming, people)… what then?


Europe is done. The DAX should be about 500 points lower than it is, and heading downward. There is nothing that can be done to rescue Spain or Portugal or France’s public finances – when all there is to fund it is that increasingly-unwilling labour of Germans.