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Takeaway: Relying on unelected central planning bureaucrats to bail out stalling economies is a losing bet.

INSTANT INSIGHT: Europe Soars On Hopes Of More Cowbell - Draghi cartoon 01.20.2015

Nothing like new lows in European PMIs to get the QE-hope party started this morning! 

European bulls are begging for more central market planning QE as Eurozone PMI hit new cycle lows. Check out the bloody red charts below:

... And the recent cliff dive in Eurozone PMI numbers:

Meanwhile, the euro is burning on all the easy money speculation. Here's analysis from Hedgeye CEO Keith McCullough in a note sent to subscribers earlier this morning: 

"The euro is down another -0.6% vs. USD this morning after falling -1.1% last week with the composite Eurozone PMI hitting a 13 month low of 52.7 in FEB; since the risk range is $1.09-1.13, I expect this party to end at $1.09, and Gold to hold $1150"

INSTANT INSIGHT: Europe Soars On Hopes Of More Cowbell - QE cartoon 10.20.2015

Bulls love quantitative easing. They'll accept any justification to send European equities higher, especially if it means admitting that Europe's economy is slowing. Lets put this "bounce" in context:

"The DAX loves Burning Euro, +2.1% on the bounce but still very much in crash mode (-23% from the April 2015 peak when the European economic cycle was peaking); Draghi will have his work cut out for him at the March 10th meeting to break $1.09"

None of this should inspire confidence.

We'd put our money on economic reality (aka growth continuing to slow). Relying on some effervescent hope that un-elected central planning bureaucrats can bailout stalling economies around the world has been a losing bet for some time now.