Gooooold! Market futures pull back as EMU bailout hype fades, Gold hits 6 month high $122…

WSJ reports on the fade the market is experiencing, (Dow futures down 80, 2 mins ahead of opening bell) as traders realize it is all downhill from here, the EU states now have to get the bailout ratified…and they have no mechanism for deciding what state gets what, when in exchange for what austerity.

…The nearly $1 trillion rescue package from the European Union and International Monetary Fund “addresses the short-term needs of funding costs, [but] it doesn’t actually do anything to address the underlying problems,” said Michael Hewson of CMC Markets in London. “It’s just sticking a band aid on a gaping wound.”…

…Credit-default swaps on Greece, Spain, Portugal and Ireland tightened for a second day. The market “is still digesting the impact of yesterday’s bailout. It has bought time…but there are still doubts on whether the peripheral countries can deliver on austerity,” said Gavan Nolan, vice president of credit research at Markit….

It is like TARP all over again but they do not have Hank, Tim and Ben free to do as they will. Perhaps a blessing in disguise, lol….

Goooooold! You know what that means…