Nothing New To Add To What We Have Already Said

We continue to focus on confirmation that ECB won’t print, which will weigh on the market, and negative rating actions, which could be very bad if France gets hit.  The IMF may pull off a surprise if it gets some new non European money, but that hope is also diminishing.

Rather than going into more details again, here is a selection of what we wrote and said last week.

Today

Expect Negative Rating Agency Actions in a Bloomberg article <http://www.bloomberg.com/news/2011-12-12/eu-failure-on-unanimous-agreement-may-consign-top-rated-bonds-to-history.html>

Sunday

The week ahead on ZeroHedge <http://www.zerohedge.com/news/harry-potter-twilight-and-eu> (or TFMA: Harry Potter).

Weak Treaty Agreement and More ECB Disappoint on the Way in Associated Press <http://news.yahoo.com/wall-street-experts-weigh-eu-budget-deal-220249252.html>

Friday

Why the Summit results will underwhelm – Bloomberg TV <http://www.bloomberg.com/video/82517284/> (also TFMA: Summit Results)

Initial Reaction In WSJ MarketBeat <http://blogs.wsj.com/marketbeat/2011/12/09/eu-summit-results-analysts-react/?KEYWORDS=tchir>

On www.tfmarketadvisors.com <http://www.tfmarketadvisors.com/>  we have a Quick Primer of the ESM and Put Some Lipstick On This PIG And Sell It (both of which are on ZeroHedge <http://www.zerohedge.com/> ) in additional to some additional rants and thoughts.

Wednesday

It all comes down to ECB deciding to print or not on FoxBusiness <http://www.foxbusiness.com/markets/2011/12/07/global-pressure-demands-european-agreement/>