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By Bryan McCormick

There is only one item on the calendar today, a commencement speech by Federal Reserve Chairman Ben Bernanke at the University of South Carolina.

This wasn't likely to be an event to note in the first place. All attention globally is focused on the European Union response to its debt crisis. The details at time of writing were sketchy, but so far this morning U.S. futures are sharply higher as of this writing.

While the response to the crisis may be stemmed for now, there is also a good chance we will see additional volatility while traders and investors wait for more answers. If we have learned anything from 2008, it is that the extremes of reaction to a crisis rarely have single-day responses that stick.

Source: Europe Overshadows Bernanke Speech