... Cuckoo Clock.

"For strange effects and extraordinary combinations we must go to life itself, which is always far more daring than any effort of the imagination."                                                                                                                                                                                  — Sherlock Holmes

Early Tuesday morning the Swiss Central Bank intervened in the currency market and nailed the Swiss Franc at 1.20 to the Euro. Nailing many traders with it. Our Monday recommendation, buying the USD/CHF, had its largest single-day gain in history:

This is a momentous development. It is either a huge gamble on the part of the Swiss or they are "in the know" with regard to the future stability of the Eurozone and the ECB's plans to support it. We will mull the implications and impacts and return to these pages with our thoughts and calls. But there is no doubt: the game is afoot...