This Is A Cruel Hoax For The Policy Bears

It must be pointed out that today is a cruel hoax for the bears (people who think that markets are going down) and their cousins the policy bears (the anti-government, anti-central bank skeptics who think every announced policy is idiotic and dangerous).

With markets having surged lately, the Cyprus haircut would have been the perfect excuse for a nice swift selloff.

But nope.

S&P off 3. And gold? Barely higher.

Snooze.