The French election results were fairly priced-in to markets last week. Sarkozy leaves and the previous "Merkozy Pact" remains in doubt. Greece on the other hand is a mess and another election will most likely be forthcoming. On the plus side German Factory Orders increased 2.2% well above expectations. On the downside Spain's Industrial Output dropped 7.5% and bank bailouts are underway. The silver lining is banks (NYSEARCA:XLF) in the U.S. rallied as they'll be the beneficiary of more bailouts.