Morning Post 10/28/11. SPX

I was right not getting too deep in reporting on the EU bailout mess farce. I find it (as unbelievable as it sounds at this point)   hard to fathom that after all the meetings, cancelled meetings and finally an agreement with commensurate blow off top that the net result is nothing has been achieved. Here we are thrown back into the rumor mill. Hey, why screw up a good things right. Might as well check the tinsel strength of the markets and see just how far they can stretch this thing without having to commit to anything. Well, there is nothing meaningful they can commit to, so they perpetuate the lies and ride it for what it is worth.



I'm just gonna post some headlines and let you decipher them for yourself. You tell me how things are going with the EU situation.

S&P 500 Extends Best Month Since ’74, Euro Rises - Bloomberg

Europe Looks to IMF, China for Rescue-Fund Cash - Bloomberg

German Constitutional Court Halts EFSF Approval, Issues Temporary Injunction On Further Bailout Decisions | ZeroHedge

Italian 10 Year Bond Auction Prices At Record, Over 6% | ZeroHedge

Euro Gyrates On Fitch Announcement Greek 50% Haircut To Be An Event Of Default | ZeroHedge

And the best post of all -

Mish's Global Economic Trend Analysis: Credit Default Swaps Useless as Hedge Against Default; CDS on Greece a Purposeful Sham; Derivatives King Always Wins 

Daily SPX - We may get some pullback today as this run is more than tired and overbought. Still have end of month and a weekend full of potential rumors to get thru. Next month will be interesting. Most know I have been looking to a November swoon for some time now.

Minis /es 1m -

Have a great weekend.

GL and GB.