Today at the open:
That's a news-driven event for you. The best thing to do on a day like this is relax and let the market settle in and not trade in a knee-jerk way. If that means waiting until after noon for it to tip its hand, then so be it. Trade small. The 200-day moving average is at 1274.25, and we're there.
There is no answer how the European banks are going to recapitalize as the terms of the EU deal. Also, I've yet to find a mechanism in the deal to prevent Portugal, Ireland, and Spain from seeking 50% haircuts for their bondholders. The longer these questions remain, the more chance this rally could fade.
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