Isn't trading this market fun? As readers will recall, one of the two reasons for why the market plunged overnight was speculation that Monti may have trouble forming a cabinet. As is to be expected, stocks are now surging because according to recent information, at least the Italian government unknown may be taken off the checklist, even if nothing can be said about his ability to actually pass required austerity, to chance the country's medieval labor laws, which are controlled by the shadow government regardless, or the fact that Italy has over $300 billion in debt to roll in the next year. From Reuters, "Italian Prime Minister designate Mario Monti will meet Italy's President on Wednesday morning to inform him that he will be able to form the country's next government, a statement from the presidential palace said on Tuesday." Now, the other and far bigger reason for the plunge in futures, it bears reminding, is that the Spanish bond auction was a failure with just 3.2 EUR of the 3.5 EUR sought, was raised. If only Goldman could wave its magic wand and fix this far bigger problem which is endemic to all of Europe as it seeks to raise over $2 trillion in the next 2-3 years. That, and the fact that Belgium, Spain, France, Austria and virtually everyone else execept for Germany (for now) closed at what are new all time high spreads.