Globally Coordinated Nothing

I can’t get the Amy Winehouse No No No song out of my head.

No ECB. No IMF. No Fed. No PSI. No balanced budgets.  No QE.

Pretty much everything the rally up to and following the summit was based on is falling apart.

So far, No downgrades, but I suspect that is one of the few things that will change to a YES downgrades.

So far we still have what qualifies for peace in the mideast, but that does seem to be deteriorating as well.

If a song is going to get stuck in my head, that is one of the better ones.

If you really feel the need to be long, for the Santa rally or whatever reason, I have never felt so strongly about the need for short-term puts.   SPX is down 2% from the highs today.  With the lack of liquidity, overly bullish positioning (IG17 is about 6 bps rich) and the soon to be obvious failure of the latest summit, I could see a flash crash or a very fast, ugly brutal move of 5% or more.