I am not one to discuss fundamentals or macro views, but this situation in Europe is beginning to morph into a media frenzy. Price action in the marketplace is changing rapidly in short periods of time based on the latest press releases coming from the Eurozone summit.

The EUR USD fell to a new low for the year, in effect, wiping out the $1 trillion bet placed by the European Union over the week-end. Now that the short-term fix has been eliminated by the market action, the downtrend can resume its normal course. It looks at this point that the EU and IMF are out of bullets so buckle your seatbelt.

The European Commission added to its economic stimulus program with the largest-ever package of grants to energy infrastructure, including support for the Nabucco pipeline project that will help Europe diversify its sources of natural gas.