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The market retraced some of its steps today as questions surrounding Europe’s plan began to unravel. The S&P 500 lead the declines with a -2.47% showing. Volume was lighter across the board.
Some post Europe agreement headlines from Zero Hedge worth a gander:
- EURUSD Retraces Entire ‘Bailout’ In 3 Days
- Spain Joins Ireland, Portugal With A Gun To Its Head, Demanding Concessions
- Greece leader throws in the towel
- Demand for EFSF Paper Collapses
However, Europe aside, the highlight story of the day comes from Bloomberg,
“The biggest bond gains in almost a decade have pushed returns on Treasuries above stocks over the past 30 years, the first time that’s happened since before the Civil War.”
It is very apparent that there is still a lot to sort through in Europe that will continue to effect the markets here in the US. Overall though the direction seems forward and we should expect any pull back to be just that, a pull back, until proven otherwise.