Late Upside Reversal

The market rebounded sharply this afternoon on a news out of the Financial Times  that European officials had come up with yet another plan to recapitalize their banks.  This sort of price action seems to me to be indicative of a market held hostage to outside events while ignoring our underlying economic fundamentals.    I think if we can somehow get beyond the European financial issue here than stocks could have a pretty good run going into the end of the year.

*Long ETFs related to the S&P 500 in client and personal accounts.