Any idiot could see that Italy was falling apart. The Italian bond market (third largest in the world) is untenable where current yields are trading. This is extremely destabilizing for not only the EZ but for the entire world.
I couldn't understand why the stock market was rallying but at the same time I understood that I didn't need to know why and that this bitch of a market would remain remain irrational...until it didn't.
Well, I don't want to speak too soon as the market still has several hours to open and god only knows who, or what, is going to give the pre-market ramp job. /ES is down 30 right now but I wouldn't be surprised if it opens up 60 (/sarcoff). Cooler heads will prevail so I'm just going to watch the market. As a reminder, I haven't made any changes to my portfolio in a while so whatever I posted last in that regard, is the same. I'll update my P/L for you all later today as well as any changes should there be any.