Buy the Greek Rumor

Yesterday's strength and the continuation of strength in Europe can be summed up in an old adage, buy the rumor.  We got definitely oversold in Europe and it bounced as expected.  Now the hard part, whether the bounce continues or gets sold off again.  I would give this bounce much more credit if we didn't have the heightened expectations going into the weekend of a plush Greece bailout package and of course, Mutual Fund Monday.  It could be a sell the news phenomena on Monday.  The counter to this is of course Monday is also the first day of the month, which is seasonally bullish.  Lots of crosswinds.