With the euro still in crisis and the US economy stalling, we're simply stuck. Deteriorating fundamentals make it hard to bet that stocks will move up, and money printing makes it tough to predict they'll fall.
Despite the latest deal, the European Central Bank remains unwilling to pump out cash as readily as its counterparts elsewhere. And that's the only real way to save the euro.
This week's Fed circus tells us mainly that the Fed is wrong again. But Europe may have found a way to keep the euro solvent (for now).
The European Monetary Union seems unable to get ahead of the region's problems, putting stress on markets worldwide even as the endgame approaches.
The pressure is building on central banks worldwide to do the one thing they think works: print money. Expect to see QE3 bond-buying from the Fed, and similar moves in Europe, very soon.
The region's debt markets are caught in a game of chicken in which the central bankers can either speed up the presses or lose the euro. In the end, it will solve nothing.
Recently it looked as if gold was set to bottom and might turn around soon. The turn may be here already. Also: What caused Facebook's face plant?
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