European banks, the cause of yesterday’s collapse, all rallied today. CDS spreads in Europe narrowed across the board, French and Italian sovereign debt rallied, and Gold sold off 41 dollars (down 2.3%). Earnings continue to meet low expectation (Kohl’s, Cisco). The BOVESPA rallied sharply, and the VIX declined all day.
After an exhausting first 4-days of the week we have: 2-2 (in terms of terrifying market collapses vs euphoric booms). Again, this is just this week. If you need some water to mix with your alcohol IV, you aren’t alone. Rubber match on Friday.