This was announced on Thursday...the market rallied ahead of the official meeting between the eurogroup and Spanish officials! Seriously anyone trading this market should know details like his lol Since the market rallied when Spain announced it needed funds it looks like it already priced in, I would look for Roma continuation next week as it looks like the bears are losing control
EURUSD way up. Stock indices up, but not a mega-rally or anything at the open. About 0.8% or so for the S&P at the moment. I wouldn't be reading too much into this, especially for the long-term.
We will be trading much lower in a couple of days. I am sure a lot of shorts will cover on this news but once that is done, the market will gravitate back down towards 1300 by Wednesday/Thursday.
It's the exact same thing we went thru last summer/fall. Politicians grandstanding back and forth...good cop/bad cop, etc, etc...
My favorite was the whole "we killed Bin Laden" episode. Stocks up a lot more than tonight at the Sunday open...then closed about 1% down the next day.
If the market didn't already go up 4% in anticipation and rumors of the bailout, I would say this rally would have more time but we have been moving higher for several days. Greece elections next weekend, you will not have the long buying necessary to stay at higher levels this week. Short covering will last one day.