The EU completed its summit (sort of) but put off until November the plan's details. From what we've seen thus far the plan is insufficient in scope, but there are hints China and/or Brazil will add some funds. The latter is yet to be determined but, the mere idea of this, caused stocks to rally once more. If you Googled any euro zone rescue issue you'd find many different "drop dead" dates over the past two years. This is just another moment to buy time in my opinion.

The volatility just won't go away and it's getting off-putting to conventional investors who don't like it. This is just one reason why equity fund redemptions continue to remain high leaving the market to hedge funds, trading desks and HFTs.

Economic data was positive with Durable Goods Orders beating expectations (1.7% ex-transportation vs -.8 expected) on inventory build while New Home Sales increased 5.7%. However, median home prices fell from $210K to $204K. Earnings news saw positive results from Boeing (BA) rallying the stock 5% but negative results from Ford (F) causing the stock to drop nearly 5%. The Nasdaq and tech sector gained but still was an underperformer as an ongoing build of negative reports from Netflix (NFLX), Amazon (AMZN), Green Mountain Coffee (GMCR) and Research in Motion (RIMM) continued to weigh on the sector. 

As stated, stocks rallied off the euro zone news which is hardly a done deal yet. Despite that deal gold continued to rally sharply. Some attributed the rise to Indian weddings. While it's the season there for this, and there's a large population, this could hardly account for this much bullish action. Let's just guess that all this bailout activity is presumed inflationary ultimately. Bonds fell and the dollar was flat. Commodities overall were mixed as base metals rose but oil fell on an inventory build.

Volume was slightly higher than Tuesday and breadth per the WSJ was positive.

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