This morning, the S&P 500 Index e-mini futures (ES Z1) are trading lower by $15.75 points to 1265.25 per contract. The catalyst for the decline is once again a problematic European Union. Yields on Italian and Portuguese debt are beginning to spike higher again. It still amazes me that central banks and governments believe that a debt crisis can be solved by borrowing more debt. Over the weekend there was also very little progress in bringing the Chinese on board for a European bailout. This European bailout reminds me of the health care bill that was passed in the United States, you will find out the details later after the bill is passed. This is simply insanity.
