Earlier this morning, the Dow looked to gain 85 points at the open.  Now, it looks to gain 285 points.  It has been getting better all morning.  In addition to the ten-day deadline on resolving the European crisis, the primary central banks of the world just announced a huge new liquidity measure.  This should reduce the liquidity risk if not the credit risk, which still reduces overall risk.

Is it time to deploy cash?  No!

Today is euphoria.  So, just enjoy the good feeling.  If this is the real bottom, there will be time to catch up tomorrow or Friday or even next week.  There will be some sort of bad news out of Europe that will catch the market by surprise.  Ten days is a very long time!

While you’re enjoying the good news in Europe, savor this morning’s ADP report, which indicated 206 thousand jobs were created in the U.S. by the private sector last month, much more than expected.  After netting out government layoffs, Friday’s all-important Jobs Report by the Department of Labor might be less unpleasant, for a change.