It was a nice bounce today, but don’t pop the champagne yet. It’s the first day up in about six, so as I always say, wait for the follow through day, because one day alone isn’t a trend change.
Today’s advance occurred in two stages with the market climbing out of the gate amid upbeat action overseas. The S&P 500 notched its morning high 30 minutes after the opening bell, but returned to its opening level two hours after the start of the day. Equity indices then charged to new highs after Bloomberg reported that German officials are expected to show willingness to restructure Greek debt. The report said that a debt write-off is not being discussed, but repayment terms may be eased. So maybe Greece will again be saved from falling into the Mediterranean.