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Minyanville's T3 Weekly Recap: Markets Rest After Steep Two-Day Climb

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European officials hammered out an agreement to combat the escalating sovereign debt crisis, and the market responded positively.

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The market took a break Friday; and who can blame it after a strong two-day push triggered by relief over Europe? European officials were finally able to hammer out an agreement to combat the escalating sovereign debt crisis, and the market responded positively. With so many fund managers lagging benchmarks for the year, the feeling now seems to be that the market still has some upside in store into year end.

Banks were among the biggest beneficiaries of the Euro deal, because part of the plan was to recapitalize troubled European banks banks. With the sector finally participating in bounces, the market no longer has that headwind. While earnings season has been lackluster thus far, especially tech, the market has been trading at a discount due to the European crisis and should still surge. The question long term is whether, with this deal in place, Europe can work through the still immense challenges facing it.



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Scott Redler is long AAPL, TZOO, LNKD, GOOG. Short SPY.
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