Rally Mode Continues

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Yesterday’s morning sell off gave way to a rally on the umpteenth Greek rescue announcement. If the plan was to inure us to Greece’s inevitable default through countless feints, mispronoucements and faux rescues, it seems to be working.

Markets are starting to day in the green. Asian markets higher (more Greek debt accord optimism); European markets liked China’s pledge to help resolve the euro-region’s debt crisis, are also up, led by the Dax.

Busy day in the US on the data front: MBA Mortgage Apps, Empire Manufacturing, TIC Flows, Industrial Production & Capacity Utilization, NAHB Housing. In addition to Dallas Fed Fisher speaking in Texas, the Fed releases its minutes from Jan. 24-25 FOMC Meeting

More to come shortly . . .

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