From Reuters: "US official says US would be ready to back larger European financial stability fund via increased IMF commitments." In other words, America, and its oh so rich middle class, is about to bail out Europe again. EURUSD surges on the news, as does ES. Elsewhere, Ireland's new dictator, Olli Rehn, adds that he is "attracted' by Eurobond ideas; sees no initiative soon. Which means about a week.

The EURUSD just went parabolic.