Today the PM of Greece Mr. Papandreou revoked the planned referendum on the Greek bailout package/austerity measures. He now wants a bi-partisan alliance with Greece's conservative opposition to form a national consensus on the bailout. On this news and positive economic data, the markets rallied today. The Dow finished up 208 points. Initial jobless claims came in at 397,000, below the 400,000 consensus estimate. Also, the ECB cut interest rates to 1.25% from 1.5%
As always, in this market, we must keep an eye on the events coming out of Europe to forecast where things may be headed.
Tomorrow I will post about my thoughts on how to invest in this crazy market. I hope everyone has a great evening.
Cheers,
EZ
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