Bundesbank still sit at the head of the table?

Below the BTP vs Bunds December Futures spread pre- and post Trichet press conference started.

Dear Friends,

Market not yet getting what the wanted from Trichet - seems the Bundesbank still holds the key to the monetary kingdom - the reaction is relatively muted and market still in risk-on mode, probably somewhat by virtue of Trichet before entering market less than 24 hours later than denying doing anything (May), but this time he has no backing it seems for his risky escalation of QE..

http://goo.gl/Z8O6A    

We are clearly still in market where people want risk on and are looking for Q4 to perform better. Market will point to GS upgrade of growth, the earnings, the seasonality to counterbalance the escalating costs of capital. (10 year broke 3.00 ahead of Trichet today only to come back:  Bloomberg 10 year yield US

Now next chapter: The higher than expected Non-farm payroll for tomorrow for temp. hire should increase and seasonal manipulation will secure Prez O a nice comfortable XMAS.

S