I will miss Chris Wood when I am in Singapore, as he is in London this week, but I always find him worth reading: "It is the New Year and hopes are, inevitably, that the current presumed consensus is too bearish. Still GREED & fear remains cautious and takes the view that the Eurozone will continue to dictate market moves day to day. The best hope for markets is clearly the liquidity enhancement provided by Mario Draghi’s recent barrage of measures to help European banks. This is why it will be important to keep monitoring the ECB’s overnight deposit facility to see if there is any sign of European banks putting their three-year funding to more 'profitable' use, such as buying long-dated Eurozone sovereign bonds. On this point, European banks parked €470.6bn in the overnight deposit facility."