Yesterday saw a massive stock rally on news of an agreement out of Europe. So are we out of the woods? Probably not. It looks like the deal still has a lot of holes in it and a lot to be worked out. It also looks like it doesn’t fix anything; instead it just takes the most drastic outcomes off the table for now. I wouldn’t be surprised if we hear more from Europe at some point this year, next year, and beyond. What does this mean for the markets? We purely follow the trend. The market had been in a trading range and this last rally took out the overhead resistance and it looks like we might now be in an uptrend. Adding fuel to the fire are the facts that a ton of money is on the sidelines and money managers have drastically underperformed their indexes. It is likely you will see a lot of performance chasing through the end of the year. That being said, it is also likely we will see a ton of volatility and any bad news out of Europe could shift the dynamics and move us back into a trading range or a downtrend.