Trichet

Trichet's hawkish tone at the ECB conference call is putting a scare into the Europeans.  The Americans could care less, but the European indexes are near the day's lows, despite the big up move in the ES.  The breadth of the global equity rally is narrowing, first it was the emerging markets, and now it is Europe.  The US is the last man standing in this bull run.  Still expecting the run up into 1340 by next week, but the upside from 1340 will be limited.