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Euro Euphoria, How Much Higher Can The Market Go?

It finally happened, the European Union leaders agree to a $1.4 trillion bank bailout. There will be a 50.0 percent haircut for holders of Greek debt, we can only wonder if that will be enough of a write down. Traders and investors have been bidding the major stock indexes up everyday leading up to this news, therefore, traders must understand that this market is very extended at this time. The S&P 500 Index e-mini futures (ES-Z1) are trading higher by 29.00 points to 1266.50 per contract. In other words, the Euphoria is running wild at this time. While everyone is going wild about the higher stock market the U.S. Dollar Index futures (DX Z1) are plummeting lower again. We must all understand that a weak dollar is a direct tax on everyone that uses dollars for purchasing.   ...See full video here