Going All In

"I put it all on Lucky Dan...half a million dollars - to win."
--Doyle Lonnegan (The Sting)

Over the past couple of days EU officials have been painting the tape with comments meant to reflect firming resolve to do their best Abe Lincoln--i.e., doing whatever it takes to 'save the union.'

When today's dose of comments hit the tape, domestic equity indexes doubled in a heartbeat. Treasuries and other 'risk off' assets were sold. Ten year yields are up nearly ten percent today.

What stands out to me is how much energy EU officials have put into talk without any action to back it up. Seems to me they either need prices higher right here, or they are playing chicken with factions who are not on board (read: Germany).

Sure feels to me like policymakers are going all in right here.

In any event, I want to sell this rally, and have trimmed more long exposure from an already thinning long side of my book.

position SPX