Nothing Has Changed

There were no ground breaking changes this weekend in Europe. The position of Germany still is that they are looking for EU governance over national budgets. Germany will need to give something in return, likely dropping their objection to ECB involvement. None of this is news.

Thankfully, Angela Merkel has not held a press conference yet  today telling everybody to go to hell. But other than that all that has changed is the mood. Sentiment became too negative last week and we are oversold. These excesses now being relieved. If we do not see real progress in Europe than I will likely look to reduce positions later this week. By progress I mean a plan that involves the ECB.

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