It's Groundhog Day in the market this morning where you wake up and hear about a "Plunging Euro" and "Greek Contagion" and "Angela Merkel." As one of my favorite market mavens in Chicago said, "It's like Chinese water torture." Only, it's more like, Greek water torture... on to the news:

• Euro tumbles to 1-year low vs. the dollar (Reuters). Great, maybe next time I go to Europe I can finally get a beer for under $8.
• Three people killed in Greek protests (New York Times).
• Moody's warns on Portugal (Wall Street Journal)
• Scottish airports closed by volcanic ash (BBC). This time, scientists say the smoke might be coming from Greece.
• "1 or 3 Gulf leaks halted but oil flow same." Okay, so, if you've halted a leak, but the flow is the same, have you really accomplished anything?
• Rupert Murdoch brags about his iPad (Paidcontent.org) Says his makes more money than yours.
• But is the News Corp. subscription strategy months away? (AllThingsD)
• Picasso work sells for $106 million dollars! (New York Times). Is there an ETF for Picasso?
• Ernie Harwell: RIP (Detroit Free Press). Great man, great life.
• Scientists explain why computers crash but humans don't (Physorg.com). I beg to differ. I've crashed many times.
• NASA team claims to have evidence of extraterrestrial life (Washington Post)

Well, Twittermania has taken full hold in Silicon Valley. Maybe it has something to do with the fact that Techmeme, a news aggregation site frequented by technology trade journalists, VCs, and PR people, now dedicates nearly half its front page to Twitter news, including putting direct links to the Twitter company blog above the fold. For example, here are the links today just from Techmeme:

• Twitter will have an official Android App (TechCrunch)
• Sorry Bit.ly, Twitter confirms it will launch its own link shortener (TechCrunch)
• Twitter makes itself more useful (NY Times Bits)
• The details: How Twitter's newfangled revenue model will work (VentureBeat)
• Twitter does 19 billion searches per month, beating Yahoo & Bing (Searchengineland)
• Tweet preservation (Twitter Blog)

Okay, I feel a bit nauseous. The direct links to the Twitter blog put me over the top.

You gotta love Rupert Murdoch. While many media executives are hunkered down in their bunkers, whimpering about lost revenue streams and afraid to say anything remotely offensive to people like Google CEO Eric Schmidt, the News Corp. CEO is still firing off missives about how Google is stealing money from him. Let's follow the story from the beginning. Murdoch has been an aggressive champion of the idea that content should be paid for and not given away from free. That's why he's locking most of the Wall Street Journal, which the News Corp. owns, behind a paywall. He's said that he'll take most of News Corp.'s content sites behind paywalls in due time.

It's the "third anniversary" of Hulu, otherwise known in the beginning of the end of network TV. And now, the message that Hulu is leaking to the press is that Hulu is a grand success. The company has released revenue numbers -- $100M -- and said it's profitable. The loyal press mavens (myself included, I guess), are lapping up the Hulu success story. Yes, it is a success story. Hulu's a great site, and a good concept. Real media people banded together to take on low-quality Internet viral video. There's no reason we should be surprised that large amounts of high production-quality entertainment TV can't be successful over cat videos on the Web. As I wrote a few months ago, it's likely that video will take on an increasingly large role on the Internet, and become more profitable, because the costs of delivery are declining rapidly. The New York Times has a classic 'We Are Too Erudite to Commit' headline on the topic: "Successes (and Some Growing Pains) at Hul." Thanks NYT. You mean growing a $100M company from scratch has some challenges? To its credit, the NYT story does add a minor scoop: Hulu will have an iPad app. The New York Times says that the Website is coming under pressure from its content owners NBC Universal, the News Corporation and the Walt Disney Company, to add subscription products and boost advertising margins. Well, of course the content companies want more money. That's because they still haven't come to grips with the fact that their broadcast business model is turning to sand, and they think there's going to be a gravy train on the Internet. My message: Chill out dudes, you have a massive, growing Internet property. Use it to your advantage!

(Publisher's Note: This is the first of a series of articles written by the Publisher of the Rayno Report on the media business). It’s been interesting to see speculation about the media industry and how it has been effected by huge shifts in consumption toward mobile devices and social media. Larry Kramer, the founder of MarketWatch, has gotten a lot of play out of his "Gutenberg Moment" catchphrase.  Yes, the media business is struggling. But unfortunately, technology is not a “magic bullet,” and it seems to me as if media executives are being distracted by technology and forgetting that content, not technology, has been the key to prosperity in the media business. With a technology revolution underway in the mobile space, publishers, journalists, and media personalities are caught between a bipolar world of excitement and dread. They are excited because hot consumer devices such as the iPhone and the iPad get them excited about, well, media. These devices are superb in the access and presentation of media, and they’re likely to improve at an increasing rate. As a consumer, it’s fun.