In the midst of all the global tension last week weighing on investors, the markets actually held up very well. The market’s ‘resiliency’ keeps on showing it’s hand as it hold ups on economic drivers withstanding depressing events. The events should make investors pare down risk assets into year end, but it's just not occuring yet.
It’s doubtful this weekend’s Irish bailout will impress investors and be a green light for risk assets, still a ‘brief relief’ might be felt with focus turning to eco' data. The key data comes in the form of China PMI/ US ISM hitting Wednesday’s trade and NFP# on Friday.
In all, market is underwhelming as it’s also technically handcuffed, but selective ‘stock picking’ is still prevailing.