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Hello Everyone,

Large swings today up then down with a bounce into the close (70 points up 90 down and 40 up) all with questions still surrounding the financials/banks.  Tonight, I posted that DB (Deutsche Bank) CDS are blowing out - not good.  This is a treacherous backdrop with more questions than answers at this point. 

When you have policies enacted like ZIRP and even negative rate debt issued in the EU and elsewhere combined with massive deficit spending, you have a dangerous cocktail afloat.  So many bonds deeply underwater here and cracks starting to appear over the past couple of weeks. 

ES support levels 3980 and 3955 - will update in blog later. 

Here's a link to Tonight's Newsletter.

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