NEW YORK ( TheStreet) -- The eurocrats are getting together again and it seems investors have gotten past the prospect that the outcome of this latest meeting will be disappointing.
After all, how can the two-day summit disappoint when so many expect so little? Capital Economics analyst Ben May is squarely in the low-expectations camp, arguing earlier Wednesday that "little of substance is likely to emerge" from the two-day confab in Brussels.
On Monday, when the major U.S. equity averages were tanking amid a flurry of worrisome headlines, including Cyprus hopping on the bailout bandwagon, Spain putting in its formal but non-specific request for a rescue package for its banking system, and Greece's finance minister resigning, this summit was being billed as a big deal.But factoring in Wednesday's modest advance, stocks are still down but back to within shouting distance of where they ended last week. Sharon Stark, Sterne Agee's chief market strategist, expressed some tentative hope earlier in the week that Europe's leaders will eventually realize that "there will only be losers in the game of 'kick the can'" and find some motivation to compromise and take bold action. What German Chancellor Angela Merkel says and does this time around will get the most attention, Stark said. "One of the many puzzling observations in Europe is the seemingly lack of urgency on the part of Germany to develop a true rescue plan," she said. "As Greece, Italy, Spain struggle to stay above water, instead of throwing out lifesavers to the countries, Merkel tells them to learn how to swim."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV