By Greg Peel

The Dow fell 246 points or 2.1% while the S&P dropped 1.9% to 1200 and the Nasdaq lost 2.0%.

German chancellor Angela Merkel channelled Darryl Kerrigan last night as she warned the world, through a spokesman, dreams are building up that the package to be presented to the EU summit on the weekend will mean that everything will be solved and over by Monday. Such a dream simply cannot be fulfilled, she explained, rather a long path is ahead and more steps will follow. Perhaps far into 2012.

Talk about spraying the market with cold water. But then given the speed and extent of the rebound rally, driven on light volume, spraying the market is probably akin to spraying two dogs playing wheelbarrows on the front lawn. Such has been the recent euphoria.

The problem is that European leaders have spent so much time dithering, disagreeing and denying these past two years ? fiddling as Rome burns, as the clich