A 4 day rally and the markets are euphoric on the news that Greece will be saved or at least that Europe will rally together to provide the tools to make any Greek default orderly and without hazard.
And yet this morning in the US alone (which has largely resolved our liquidity issues) we saw recessionary economic data emerge in relation to jobless claims and manufacturing data. Moreover, we saw CORE inflation hit 2% which is the Fed target. This means that any additional Fed liquidity can't be based on the idea of deflationary and recessionary threats.
Which way does the topple tips - is anybody's guess. But really, who wants to have to 50-50 guess with their investments?