Quote from oldtime:
what the hell happened, the next thing I know am at another new high all in about 2 minutes (and I was down a lot)
Nothing has actually happend or changed tbh...

lol
Merkel refused to agree to eurobonds,
but Italy and Spain refused to agree to making Germany their new king.
And despite the number of esmns/esfgs/eeffsss and other names they have created for 'funds',
the reality still was the the only 2 countries that can afford to put any money into any funds would be Germany, who refused to.
But so to prevent markets from crashing 4-5% more over the next few days the ECB president made a mini press statement saying-
I am now the boss of the money-pool that would give money to any banks in Europe that need cash,
and so if any bank needs money they merely need to ask me not germany.
(I personally dont have the cash to give to you, and so will still need to ask germany myself,
however you only need to ask me and il be the middleman for everyone)
Markets spiked 1-2% based on that,
however as the details and reality of it start to sink in i cant see what could possible keep the market from crashing back down tbh!
As the reality is still the summit has been a total failure,
none of the things all the bullish traders were hoping for has actually been agreed on,
however EU played the game by releasing a nicely worded statement (with no actual substance but nice sounding) to cause a big market spike.