Certainly, much of the Eurozone crisis expectations have been priced in to risk assets like commodities. But two things, I think, will keep risk-taking under pressure:
- Intensification in the revolving door of Eurozone economic contraction, rising European Sovereign debt costs, and financial system pressure.
- A realization that the US and China cannot hold up global growth and market sentiment while the Eurozone figures out what "whatever it takes" means.
Bullish? Go ahead and get long, if you believe, ceteris paribus, Draghi & Co. will finally give the system the solution to this crisis that it's been waiting for all along.
No new recommendations or adjustments at this time.