We knew it was coming, but I didn't expect the Europeans to pull off a rescue plan as early and as boldly as they did. Good for them and good for the markets which responded in kind by rocketing up today around the globe. Banking shares, specially the battered European ones, like ING, were on fire today.
Now we know that Europe means business defending its currency, the euro. The real test however will be in the coming days and weeks as the euphoria and wishful thinking subsides and reality is back to being front and center. Will the storm become a faint memory, or will this so called contagion return with a vengeance. We will see what we will see.