Santander and Deutsche Bank have failed a US “stress test” designed to assess whether lenders can withstand another financial crisis and can continue to lend during a financial crisis. The bleak outlook for Europe is really bad. The Euro held out reversal at 10546 closing the day in New York at 10549. We have a shot that today’s low will hold briefly. But look out. The volatility will rise for the next two weeks. This is just becoming a total mess and above all, we really cannot afford perople calling the shots who have zero practical experience beyond making their family members rich on the side.
