Bulls are out of the gate and stampeding on news that FIVE banks will be opening up their dollar outlets to the EU in an attempt to shore up their financials.
This is QE3, bottom line.
Off to the races….
UPDATE: That said, do not hop right into this market. Wait to see how the rally is digested. Remember, we sold off 150 points yesterday and we can do it again, from the same level.
UPDATE II: A little bit back Cain authored a post that proposed QE3 in the form of Dollar help for the EU, citing three main reasons. I expanded upon such brilliance by adding a pinch of salt, in complete agreement with Mr. 9th Floor. Hat tip to Cain, nice call!
