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European markets fell sharply Tuesday after Eurozone finance ministers said last night that they will wait until later in October than previously thought to decide whether to extend more aid to Greece.

A 2% gap down triggered fears of another quick correction as talk of a Greek default grew louder, but the market held in all day before surging sharply higher into the close.

Oil and related equities began to bounce back today in the aftermath of the news that France and Germany would go to any means necessary in order to support the ongoing health of European banks through the Greek debt crisis.

China might see a technical rebound after a 20% swoon since early August. But there won't be a sustained recovery until the overhang of possible Greek default is eliminated.

Gold slid considerably today as a rising dollar, the result of a seemingly inevitable Greek default, made commodities less attractive. Only indirectly dependent on the strength of the dollar, miners experienced more moderate losses and even gains for some companies as gold bulls expressed their ongoing confidence.

European debt crisis plus the possibility of a U.S. recession are combining to produce a major buying opportunity at current levels, or a plunge below DJIA 10,000.