I refrained from opining on the EFSF because I know how to comport myself when in defeat. Unlike many of you, “The Fly” knows how to behave graciously when things do not go his way. Whether it be in a game of chess or the acknowledgment of egregious grammatical and/or syntax errors in a self penned manifesto, “The Fly” tips his hat and continues to fight the good fight, as any gentleman of stature would behave.

Having said that, it’s true this stock market is the biggest piece of offal to ever exist amongst mankind. The EFSF bailout is a complete fraud and you will understand this lesson soon, as Italian 10 year yields scream higher. The reason why Europe cannot bail itself out is because there is a nuclear bomb in a box, atop the altar of the Eurozone, and it has Italian words scribbled on it. Some dumbass German guy is gonna open it and the entirety of Germany will be distinguished. It will be quite the spectacle. Moreover, the idea to leverage 440 billion of imaginary money by 500% to purchase Greek bonds is insane. I hope you realize this main hypothesis of mine.

Aside from Greece, Portugal, Belgium, Ireland and Spain need help too. This is a little early, but Turkey is a highly levered economy and will die, soon enough. China is not Santa Claus and Brazil couldn’t care less.

Eventually, these chickens will come home to roost and my original thesis will be proven correct. In the interim, I will play the rape-tape and assume all is well, even though it’s not. It’s clear to me, the “powers that be” have a firm grip in the price action and it would beguile my good name to incessantly call for sheer panic. As a point in fact, I am not expecting a panic. Instead, I am anticipating a total snap and break of the equity arm of this tree of bullshit, all in due time.

Until that happens, stay flexible and as always, avoid those murdeholes.