Okay, a new month arrives. Where November went out like a lamb, December roared like a lion. The equity markets across the globe put on a stellar performance as the ECB was rumored to have reversed course and began buying the BONDS of the peripheral European nations. The amount purchased was unknown but whatever the total it was enough turn around the damage done on Monday and Tuesday. German BUNDS were sold and Italian, Irish, Portuguese and Spanish were bought, but the Greeks barely moved. Spanish bonds were 18 basis points lower; Italy, 15; Ireland, 29; and Portugal, 30bp lower. The newfound support for PIIGS’ debt was enough to lift the gloom that has weighed upon EQUITY … at least for a day.