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Minyanville's T3 Daily Recap: Euro Solidarity Sparks Another Bounce


The market catalyst was once again a renewed commitment to aid for Greece.

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Stocks continued to rebound Tuesday with the Dow leading the charge up nearly 150 points. The catalyst again was a renewed commitment to aid for Greece, whose solvency and Eurozone membership had appeared to be in jeopardy over the past two weeks. The country will need another aid tranche to make payments next month, and German Chancellor Angela Merkel today expressed her country's willingness to sign off on an aid package.

The market has been under extreme pressure of the past few weeks as investors noted a lack of strong leadership and commitment to the Euro, especially from the Germans. From a trading standpoint, after last week's steep sell-off, it was hard to initiate new positions given the possibility of policy intervention. We are once again seeing an oversold bounce and short squeeze that will relieve pressure for now, but it remains to be seen whether the bounce will be the start of a bigger rally this time around.

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