And so the first European domino, following in the footsteps of Greece and Ireland from 2010, is made known. Per Reuters: "European Union member states are increasingly concerned about Portugal's ability to fund itself in financial markets and believe Lisbon will have to seek a bailout by April, a euro zone source said on Thursday. The EU has a rescue plan ready for Portugal, but it is dependent on Lisbon asking for the aid and making that request to both the EU and the International Monetary Fund. Portugal remains adamantly opposed to asking for assistance. "Portugal is drowning. It's not going to be able to hold on beyond the end of March," the euro zone source said. "That's already understood to be the case in financial markets, but now it's also understood among (EU) finance ministers." Time for that European Stress Test v2 to convince us just how good everything is. As for Birinyi's S&P target, we are firmly convinced that that will be attained within a year: it is hardly a coincidence that a moonlighting Gideon Gono has been seen operating the Fed's POMO desk on those days when the hunogver NYU interns are out on Stabucks runs.