No real surprise, the EU came out with some massive "bailout" package. I really don't know much about it yet so will not talk about it to much just yet. In general, you can't solve debt problems with more debt and that looks like what this is. We are so oversold (especially Europe) that any bounce should not be surprising. In my previous post I mentioned that on Friday you sell if you approach 1140 and buy (cover shorts) if you get down towards 1100. Both happened on Friday and I was taking profits on shorts into the close. Wow that felt good. Been a long time since I have been able to say that.
Anyway, tomorrow we should scream higher. I would guess you would want to leg into shorts between 1140 and 1170 over the next few days. I would not be surprised to see a generally positive week though it is possible any rally will be a one or two day affair. I will have a better idea as I get to understand this bailout package.
I mentioned two cards the world government leaders could play to buy time. Possibly a few months. They played one of them over the weekend. All they have left that I can see is the ECB buying government bonds. Tick tock tick tock. Continue to move towards the end game.