Sportscaster Marv Albert used to say that during NY Rangers games when the goalie made a particularly nice save. The Dow cratered at the open on the Ireland bailout but came clawing back in the afternoon. The S&P 500 actually went into the green in the final hour before easing back into the red. And the trannies went green and stayed green. Al Gore would be so proud.
The point? The stock market remains incredibly resilient in the face of bad news. One day, the piper will appear and he will be pissed about not getting paid for so long. But until that day, stocks do not equal reality. Angela and Co. kept the EU liquidity pumps open and they don't even have a helicopter. Liquidity does equal rising stock prices.