Good morning, everyone.
Well, those turd-monkeys in Europe are doing a masterful job of robbing me of my beauty sleep. I've been getting up at about 3:30 or 4:00 each morning in a state of anxiety, worried that the Euro is going to show a 300 pip spike because of the latest God Knows What. I was relieved to see the Euro's gains from last night had transformed into losses and that the hearty pushes higher in the NQ and ES had evaporated. So now I will simply be weary instead of nervous.
Since I'm up again at this ungodly hour, I'll share a chart that I found quite intriguing that illustrates, once again, how the trillions of dollars in artificial aid being thrown at the public has become the equivalent of throwing matches at a pile of kindling that's been soaked with Perrier. In spite of artificially-low mortgage rates, the amount of activity in the housing market is somewhere around bupkis.
I'm going to make a fresh loaf of gingerbread for my children for when they wake up. At least someone will have a pleasant awakening.
