The clock is ticking

European stock markets are now closing. The Eurostoxx index future is down by 2.7% at 2597 compared to yesterday's 9 pm after hours quote of 2669. The S&P index future is down by 1.1% at 977,25 compared to yesterday's 9 pm quote of 987,75.

As I highlighted in "this" and in "this post", European leaders in Brussels are wasting precious time and have to come up with a Pan European effort to bailout troubled bank. Like the U.S has done. And like the UK now seems to be doing on its own. Otherwise, as I wrote this morning, the gap between the Eurostoxx and the S&P500 will widen further as it did throughout today's trading session. And the imminent "market rebound" will occur mostly in the U.S.