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Eurozone Madness: Dave's Daily



Are we having fun yet? Even P.T. Barnum couldn't make this stuff up! Eurozone members reached a tentative deal on closer fiscal ties after meeting late into the night. Those pesky details need to be worked-out which may not occur until March. Nevertheless, this news combined with better Consumer Sentiment (67.7 vs 64.1 previous) got the animal spirits stimulated enough to reverse much of Thursday's losses.

Bulls are quite determined to put markets higher with a Santa Claus rally. Negative news about recession in the EU, U.S. or slowdown in China will be brushed aside for now. Lowered earnings guidance from Texas Instruments (TXN), DuPont (DD) and suggestions that FedEx (FDX) shipments will slow will be ignored for now.

The lagging tech sector led markets higher followed by any sectors in the buy program basket.

Commodities regained some strength, the euro stabilized and dollar fell slightly. Bonds experienced some selling as stocks advanced.

Volume was light given the magnitude of the rally making a short squeeze rather easy for Da Boyz. Breadth per the WSJ was quite positive.

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