Europe Goes For the Hat Trick, Ireland, Greece…Portugal?

When those European bond yields start running the economists start worrying, as if they ever were in front of any move. They are proficient at ‘what was’, but never ‘what’s to come’. Just ask Greenspan and Bernanke. Anyway, we all know Portugal has issues and that the Euro nations that are still standing (on one leg,) all want Portugal to take some juice from the IMF vis -a-vis a bailout. Germany, considered the strongest of the lot, is now just the best house in a bad neighborhood, and insists that Portugal get it together (take the loot) or else risk whats left of their own recovery and austerity measures.

But did you see our market today? What Europe? Portugal who? Bids came back and we rallied after a strong dollar eased. We are in the midst of one of the greatest carnival events in history, at least that I can remember. The tape doesn’t lie, things are going up and tech looks great. Spain is next though, so stay tuned.

Funny how old news becomes new again, we knew Portugal had issues forever and we knew Verizon would get the iPhone for months.  See Apple today? It’s a headline market.

Footnotes: Oil will go higher and so will materials and fertilizers. Bank earnings are coming, they better be good.

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