europe can be summed up in a single dance the dance of the fireflies david kotok chairman of cumberland advisors is here to shine a light on the situation plus what does the growth and e.t.s. exchange traded funds indicate about the macro focus we're talking so much about will discuss let's get to today's capital account. so bugs in general the crawly bugs are not very cute most are pretty disgusting in my personal opinion that we do have to say and i'll venture to say many will agree there is something magical about these. i. fireflies there is something alluring about bugs that can light up and dance turn on the headlights though shine them and those bugs stop where they just look like bugs and you can see what's really in front of you so what does all of this have to do with the european debt crisis saga which have seen new episodes last week expected tomorrow how does this all become a dance well joining me from our new york studio to talk about this and much more is david kotok chairman of cumberland advisors and author of this book from bear to bulls with e.t.s. and first thank you so much

connell: let's bring in the chairman and chief investment officer at cumberland advisors. he joins us now. what do you mean watershed moment? >> illinois -- of the 50 states, illinois is the least credit worthy. it's got the most unfunded pension percentage. it doesn't pay its vendors on time. and its largest city now faces a strike and a showdown with with the teachers union. are we going to see a leadership change in approach? is this a ronald reagan moment with the air traffic controllers, which turn things? or is it going to be more business as usual in a settlement? we're going to find this out. rahm emmanuel now has to face this down. is he obama's buddy? is he the mayor of chicago, the largest city in illinois? we're going to see. dagen: how do you think it plays out? you mentioned ronald reagan and the air traffic controller strike where reagan said okay strike, and essentially fired them all. it was a dramatic moment. the power of the white house. the power of the saying no to unions. but rahm emmanuel doesn't have that power. is it more symbolic simply because he