When Padding Becomes Pudding

Both the ECB and U.S. Congress believe the markets have enough padding in gains that the policy makers can be uncompromising in their stands on debt relief for the former and debt ceilings for the latter.  This is a serious miscalculation as any savvy market professional can tell you the velocity of the downside is significantly greater than any upside move.  The meandering of the upside's relentless grind is easily eclipsed by the fall.

The old saying on the trading floor;  Eat like a  bird,  s__t like an elephant.