If ECB disappoints in "any way", I think markets will react adversely to it, with so much riding on it. I think Germany is so strong, their backs are getting tired of carrying everyone else, i.e. Greece, Italy,. Spain, etc. etc. They love austerity, and if it were up to them to go it alone, that's exactly what they would do, and maybe they will. The Euro zone is a currency relationship, and tough times could break the whole thing up I am afraid. What I see in the future is a crash of currencies, when this next debt bubble bursts, deflation does its job to make many small nations and banks fail, and the "global QE" kicks in to save the day over a weekend, can you say 5 trillion world wide, banks everywhere, especially when deflation crashes china real estate loans, yes I said china, and oil bank loans fail, when we reach 30. Saudis will be happy then, but the rest of the world will be hurting. Sorry, that;'s just how I see this. 10 year is below 2.0, I said below 2.0. Where will the high yield chasers turn to next? Bonds, which may absoultely crash this market, maybe 30% correction coming soon. Maybe April/May ish, just wild guess. This earnings season may have big impact, either way. Alcoa may tells us a lot. Last Santa Claus rally to fail was, yup, 2007.
Of course with my 200+ short position in place, i would love to see major correction. Mr. Market will decides
One thing i noticed is: The ETFs around the world don't give a good scenario though this is not a good representative