Italian Budget Vote

Today was 1 of two possible votes in which Berlusconi could have been forced out of his position. There has been a rumor floated, it was on Briefing.com yesterday (I am not an affiliate for Briefing.com, but if you want timely, unbiased news before CNBC gets it, their paid service is well worth the money) that the opposition may abstain from the vote, that's exactly what happened and gave Berlusconi a victory in the budget vote. The vote came in at 308 of 630 seats which means the speculation is over, Silvio has lost his majority.

You saw the Euro reaction and now the market reaction, the problem is uncertainty, a Berlusconi defeat really wouldn't have changed much fundamentally, but it would have closed that chapter and that uncertainty. If the market hates anything, it's uncertainty, thus the phrase, "When the missiles fly, it's time to buy"; it's not because the market loves war, but the uncertainty over whether a war will start or not has been resolved.