Euros Stalling for Time

U.S. stock benchmarks popped higher on Tuesday and continued to rally today. Some three-quarters of the S&P 500 companies managed to beat quarterly profit expectations. Given that those expectations are set by the same analysts who less than two years ago were missing wildly in the other direction, we are not sure the celebration is justified. Fighting the tape is rarely a good idea, however, so we suspect the worst is over in the short-term. Following a few days of shock, traders seem to have concluded the Greek debt situation will not spin out of control – at least not…