Tomorrow is LTRO DAY in Europe as the ECB will reveal the size of its next tranche of 3-year loans made available at the BALANCE SHEET RECESSION rate of 1%. Several rumors tried to upset the market today as “insider gnomes” floated one story after another that the size of the LTRO would be 280 BILLION EUROS, which is at the low-end of current GUESSTIMATES. Each time the equity markets broke on the rumors, they snapped immediately back as the global financial system is floating on an ocean of liquidity. Higher OIL? NO PROBLEM, MAN! SOVEREIGN SOLVENCY ISSUES? NO PROBLEM!