Thinking like a market maker...can you imagine a better setup to rake in boatloads of money from hopeful bulls? What's really changed in Europe that would indicate they're finally getting their act together? Another summit, another promise to take things more seriously. Big whoop.
And, with all the attention there, what about our own fiscal predicament? It's not as though we have a clue (or the political will) to address our very deep-seated problems. Washington is no doubt thrilled to have the attention focused elsewhere for a change. But, do you think S&P has forgotten?