ECB's Weidmann says losing AAA rating is not the end of the world
ECB's Weidmann opposes boosting bond buys, coy on IMF
WEIDMANN, ON IDEA OF UNLIMITED ECB BOND BUYS, SAYS FINDS IT ASTONISHING PEOPLE THINK CAN WIN CONFIDENCE BY BREAKING RULES
Weidmann:Preventative Intervention Via Bond Buys Unproductive
Weidmann Says Don't Think Aid Program Is Needed For Italy
The Euro promptly toppled and our futures followed when these headlines hit. The ECB continues to ignore reality with its idealism. This will likely change but the only question is how much damage needs to be done first. We should be approaching a rally shortly but it will be difficult for it to progress much as long as the idealism from the ECB continues.
I am remaining at a medium sized net long position because I believe the ECB will ultimately do what is necessary to stop a meltdown. However, in order to get more aggressive I would like to see them actually do something or I would like to see more extremes in the market.