Wednesday, Sept. 7, 2011 11:23 AM – Stocks Up 2%

In Europe, stocks were higher today. The German Supreme Court rejected appeals to overturn the 2009 Greek bailout package and restrictions for the future were less onerous than anticipated. There was news that Italy and Greece were working to implement austerity programs.

Buying spilled over into the U.S. market and our stocks are up 2% – 3% on the day. There is some hope that the decline may be over, stopping short of the level of the last couple declines. Technicians see that as a good sign.

Treasury bond prices are down but most other bonds are higher. Oil is up over $2 and gold is down over 6%.