European Markets: "Don't Bet Against the EU Summit"
My quick snapshot yesterday of major European markets showed the two major Eurozone peripheral nations, Spain and Italy, as outliers with daily losses, following the grim example of the vanishing market economy of Greece.
Flash forward 24 hours: Today, in advance of Wednesday's EU summit in Brussels, all the major European markets participated in a strong rally -- with Italy and Spain among the leaders. What we're seeing is perhaps the EU equivalent of "Don't bet against the Fed."
Of course, there is one country, not on the leaderboard above, that didn't share in today's EU-phoria. That would be Greece, which today set a new interim low at a hair's breadth away from 90% off its 2007 all-time high.