We wait for the guest of honor

The party continues. The music is loud as the DJ jams away, the bar is open, the crowd is large and having a blast but the guest of honor still hasn’t showed up. I reference the rally in stock markets and distressed sovereign bonds that begun the day Mario Draghi said he’ll do all it takes to save the euro about a month ago while we still await Spain asking for help that would trigger any actual action by the ECB. In response to the ECB meeting that announced most of everything we already knew the day before, Spanish PM Rajoy said after a question about when they will ask for help, “When I have anything new to tell you, I will say so. For the moment I haven’t even had the time to read about Mr. Draghi’s intervention.” C’mon Rajoy, we need you to get this party continuing past the midnight hour.

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