CHESSNOID

The stock market bounce looks to happen tomorrow and the 8 day losing streak is about to be broken.  The European leaders looks to have successfully instill some confidence in the global markets. PARIS (Reuters)

“This needs concrete measures and unity — that’s what we have today,” French President Nicolas Sarkozy, who hosted an emergency meeting of leaders from the 15 euro zone countries plus Britain, told a news conference on Sunday.

Governments agreed commitments to provide capital for banks caught short of funds because of frozen money markets and to insure or buy into new debt issues, a summit statement said.

Keen to show markets that governments mean business, Sarkozy said people could expect a flurry of coordinated announcements of financial details on Monday from national capitals across Europe, notably Paris, Berlin and Rome on Monday afternoon.

Germany alone is expected to unveil a rescue package for its banks worth around 400 billion euros ($549 billion), an official in Chancellor Angela Merkel’s conservative party said on Sunday.

Sarkozy said the Paris summit showed that Europe was able despite myriad national borders to respond collectively to the crisis, which spread from the United States more than a year ago but has hit fever pitch in recent weeks.

As of right now, this is how the US stock futures look like:

	Dow	+242.00	+2.89%	8,612.00
	NASDAQ	+34.25	+2.67%	1,316.75
	S&P	+31.00	+3.48%	922.00

I am betting the bargain hunters of this oversold stock market will help close the market indexes even higher by the end of tomorrow. Will this solve the crisis? I don’t think so, but it will provide some relief to the American people who don’t like the last 401k statements they received. If I owned any stocks at this time, I would be inclined to sell by the end of trading tomorrow or first thing Tuesday morning at the open. I am very defensive and wouldn’t want to lose any more money in this volatile market, even if it means leaving some money at the table.