What the market seems to be missing is that Germany is a democracy and it's people have lost patience with the PIIGS getting a free ride. We have a few days of turmoil here as President Obama makes his $ 300 Billion proposal followed by a few days of Congress making a fool of itself. The result is that business may decide to wait and watch i.e. fundamental tax and debt reforms are needed.and until we begin to see at least a flicker of desire for these reforms we are going to continue to see pump and dump markets. I do not have a view on stocks at the moment but this rally is setting up for a great sell. For now EUO looks like the least risky of choices with ZSL an agressive but potentially good trade.