Europe surprised everyone overnight with a new deal to aid their ailing banks. They’re basically changing the rules since no one can follow them anymore. Stocks reacted positively and the S&P 500 is up a little over 2% at the time of this post. While this will help with a lot of the uncertainty – and recent market volatility – it doesn’t address their structural challenges and makes me believe we’re sure to see Europe again in the headlines (negatively) down the road.
The market has been working hard at finding a bottom after a bumpy Q2. I’m not All-In just yet, but I’m starting to think we may have put in the low for the year.