Post Summit Rally Fatigue?

The deal seems a disappointment on almost every level and still needs approvals – UK out. Finland expressing concerns.

The ECB has confirmed what they said yesterday. This agreement does not turn on the printing press (any more than it is already doing).

Rating agencies likely to be underwhelmed. Countries will still be on watch and might still be downgraded.

The budget rules seem unlikely to be met anytime soon.

Unleveraged ESM is smaller than leveraged EFSF though ESM may actually be created.

Central banks have found money to lend to the IMF so it can lend back to them – more form over substance and some debt burden shifting.

Everyone seems in a rush to get ahead of the Christmas rally but that seems to require ignoring what actually happened in Europe this week.