Can I be a sourpuss for a second and point out that the CurrencyShares Euro Trust (FXE) didn't go up as much as I thought it would, which concerns me? That plus the fact that we rallied right to resistance in all of the key averages, resistance that we haven't been able to overthrow and, without the FXE rallying, we might not be able to?
Last night on "Mad Money," we featured Tim Collins, whom you all know. Tim laid out a spooky scenario where the FXE rallies right up to, well, here, and then plummets. The FXE has always gotten this game right, and I would have thought that if things were markedly better we would have hit $136.
It's funny. If I had known going into today how horrible things really were in Europe, as I kept hearing all session that a major European bank would go bust this weekend, I should have been positioned at DEFCON 2 and not 3.
It was tempting to go down to DEFCON 2 at the end of the day, but I want to have a hard look at whether Europe feels shamed into doing anything before I intensify my worry about whether anything is really fixed.
Random musings: Doug Kass paid, again, for a lifetime of subscriptions, with his calls on this one. Congrats to Dougie!