Did we just see the least enthusiastic rally of the year so far? It feels very possible but it's maybe the two hour call I had with the EU regulator and assorted others discussing the likelihood of a consolidated tape in Europe that took away some of my zest for life today. Markets trudging their way back to just above where we started out yesterday (Stoxx 600 +1.82% to 441.55 vs Monday's close of 439.91) after the late rally in the U.S and a lack of much of anything in Asia (Japan and China both closed) meant that any conviction people were starting to feel to the downside fizzled pretty quickly.
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