Q:  How does the market respond to all the doubts and scepticism about the second Greece bailout?   A:  They tighten Italian and Spanish spreads and take the Euro higher, although Portugal did widen on the week.

We’ve learned a very important and costly lesson not to get too emotionally invested in a position or market view.   Those, such as economists and strategists,  have very little skin in the game and can afford to stick with their views as markets move against them.   Traders and investors cannot.

LTRO2 on deck next week.  Going to be interesting week in EuroLand.

(click here charts are not observable)