We had the anticipated news that Italian Prime Minister Silvio Berlusconi would resign. After a brief retreat and the bulls launched another Europe-is-saved rally. The action has become a bit V-ish again as we recouped almost all of last week’s losses and are now challenging the highs hit the last time Greece was bailed out. There are under invested bulls anxious to buy this market, but at this stage of the rally it’s important to pick your spots and not over commit or chase.
