I was surprised that the "Don't Fight The Fed" rallying cry worked so well in the past few weeks given how miserably it failed the whole way down in 2008. I am less surprised that the end result is the same.
The difference between a normal correction and something more sinister will be if these sovereign and municipal issues subside or if there is a crisis. The powers that be clearly want a bailout as Ireland is being offered help it has not even asked for. Have a good night.