It was looking like another failed day, as the opening gap up was being sold furiously.... but about 20 minutes ago news hits that it's official baby!
- Euro zone countries have decided in principle to help debt-stricken Greece, a senior German ruling coalition source said on Tuesday. The decision on help for Greece has been taken in principle within the euro zone, said the source.
- Various options were being considered and no decision had yet been taken but the most likely possibility was to offer Greece bilateral help, said the source.
Bilateral help means Germany (and perhaps France) will pony up. At that point we'll just continue down the path, country after country until we hit Spain. This reminds me so much of bailing out Bear Stearns. The same glee in early 2008... problem solved, mission accomplished.
After mainland Europe come the big 3 of Japan, UK, and US will be the issues for the next 3-12 year time frame. Once everyone is bailed out (I assume members of planet Mars will be asked to bailout Earth), the new bull market can ensue.
I am hoping the glee takes us to S&P 1090-1100 later in the week.