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Gapping Reality

A week that began with noisy 'runaway gap' &/or 'gap filling' technical commentary is ending on the cusp of profound fundamental realities.

After a brief constitutional relief the Euro has (finally) crumbled under lengthening default shadows.

The ECB is belatedly acknowledging the broader economic risk to EuroZone economy.

Mr. Bernanke appears to be underwriting Obama's call for short-term fiscal stimulus.

And more definitively .... Wednesday FT highlighted the limitations of monetary policy (see Bill Gross: 'Helicopter Ban risk destroying credit creation') and the 'zero sum' nature of fiscal/private deficits/surpluses (see Martin Wolf: 'Why we must listen to what the bond markets are telling us.')  

These are scary economic times and its difficult to find any substance for a contrarian 'fundamental' argument. 

But technically? I'll end the week where it began - with the S&P @ 1150.

The risk on Tuesday (6th) was a squeeze higher - (to fill the pre-NFPR 1200+ gap - not an imminent collapse.

And despite the frayed nerves, the Euro's 'wake up call' and new lows on most European indices - I suspect the true is the same again.

Despite the temporary 'constitutional' reprieve the Euro is (finally) experiencing sustained pressure. 

And the