It's going to be really interesting to see how the markets react to the European uncertainty. Chances are it won't be good.

Will CUU hold up or even continue to move upward again this week even if the U.S. and Canadian markets tumble? That would really be telling.

As for the U.S. and the possibility of QE III, I think Bernanke will hold off for a while yet. I'm guessing he'd like for the effects of QE III to still be felt in November so Obama can ride the wave of that boost. Launching it now, or sometime soon, means it will be tapering off in advance of the American election.