Do the Germans just say "We're all in, this is a good one, no more issues, go forth and conquer," to the Greeks? Have the sellers in China just stopped, some because they might go to jail, others because the market's gotten cheap and to sell is to be informed on?
Were the earnings yesterday from Walgreen's (WBA) and Pepsico (PEP), the former amazing and loved, the latter good and not, enough to convince people to buy and buy up high?
Or are we all fooling ourselves and the market's as treacherous as ever because the Greek parliament will vote against, and the Chinese government has moved the market up all it can and is now exhausted?
I know what could help us decide. Two things.
First: If the dollar gets strong and stays strong during the day. The dollar is what told me that yesterday's rally was unsustainable, because the dollar said that the Greeks hadn't budged and Chancellor Merkel was intransigent.
Second, if Caterpillar (CAT) and Cummins (CMI), as well as Action Alerts Plus portfolio holdings General Motors (GM) and Apple (AAPL), act well and can maintain their futures' strength past the first 15 minutes of the day. They are Chinese tells, and they couldn't stay strong.
I don't know the answers to either, but the great thing is you don't need to know the answers, because the machines that set these trades off are reacting to the stimulus that they are programmed to do, and they don't and can't relent because they aren't allowed to. There is no human override.
Yep, it is that bad.
So there's your answers to Europe and China.
I wish I knew that Merkel was going to bless and the Greeks were going to bless. Fool me once, fool me twice. I can't imagine anything but more drama.
China made the front page of the New York Times. Maybe that's enough to tell you that everyone's worried, so you need to be worried about something else -- earnings?
But we have our tells. It's the best we can do.