REALITY CAN WAIT, yet again.

So, the Spanish Bailout rumor, which rocketed markets to their best weekly gains of the year, were faded on the news of the $125 billion bailout. It looked like the European Bailout Committee may have reached the point of diminishing returns.

But what was I thinking? It is simply a ridiculous assertion to think that markets, in their infinite wisdom of always being "right" would begin to reflect the reality of the European Banking Cartel coming to a ignominious end.

There is just way too many expectations and hope that Chairman Bernanke will fix the problems with money. And once again, the expectations are for economic news to be so bad, and the fundamental and monetary situation to be so dire as to guarantee trillions in newly minted money to save Banks, Investors, Inside Traders and Chinese Party Members.

And today, with Jamie Dimon of JPM strutting on Capital Hill and proving how smart Wall Street is compared to our elected officials (losses be damned), market participants (long only) get another free pass.

Everyone's eyes are peeled to June 20-21 when our Uncle Ben will save the day. Heaven help us if he doesn't.