Thin volume 'risk on' rally as stocks faded into the close from the highs but kept some gains.
The markets are primarily eyeing the sovereign debt situation and discounting domestic results and economy, at least for now.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot