Market melt up continues. This is what you call a panic to the upside. Just like you would see a panic to the downside. All kinds of really bad stuff going on in Europe that is just getting ignored by the market.
Today it was supposedly agreed (the story seems to change hourly) between Germany and France that Greece should be bailed out by the IMF. That means what the Germans refused to do (and probably snickering at us Americans for being so willing to do) will now be an IMF problem which is of course mostly financed by the United States and your favorite yahoos Tim "I am not bailing out Greece because I don't pay taxes since I a am tax cheat" Geithner and Ben "shh, I have already secretly bought Greek bonds and you don't know because you can't audit the Fed" Bernanke. Yes, AS AMERICANS I WILL BE BAILING OUT GREECE. Lovely. Next up, California, Spain, Portugal, Indiana, Illinois, etc. etc.
The housing report today was truly awful. I even saw a piece (and I don't pay attention to him often) where even the ever optimistic Larry Kudlow thought it didn't look good. Sales down again and inventory surged. So you don't think that this was a snow event, existing home sales were actually up in the Northeast.
Anyway, more news being ignored. Fundamentally it was a good day for the bears. Someday that will matter.