All eyes are on Europe once again to produce a plan that adequately addresses its longer-term bank and sovereign debt problems. There market has no room for failure at this point.
Looks like a successful summit. While uncertainties linger, the Europeans have a framework for solving problems. Profit-taking could set up a buying opportunity.
Buyers ran into a wall in mid-March and I think it is due to concern that earnings reports won't be as upbeat as in past quarters. Market adjusting to comfort level.
Yesterday was a breakout day as institutions got a bright green light to reach for targeted stocks. Big boost possible from switch into stocks from safe havens.
Yes, the doomsters and shorts will be out in force to trash the Euro-deal, but there will be buyers on dips. New trading range to be DJIA 12,540 - 11,650.