The market's initial reaction from last week's European Summit was a victory for the debit nations as they stood up to Merkel and her diminishing band of creditors. Well perhaps victory is an overreach, implying a decisive change which is not the case. Remember, these bail out mechanisms are largely unfunded, a promise of money forthcoming at a later date, once approved by the Germans. The Germans may have given the Italians a victory on the football field, but there are more battles looming in the future.

Today we will get a clue how effective the effort has been to reduce interest rates for the borrowers. France and Spain both intend to auction 10 year bonds. Later in the day the ECB will hold a conference where it is expected they will reduce the central bank rate .25% to .75%.

These reports would be enough to jolt the market but