For now, party on and turn that hourglass over as more time has been bought. But only the symptoms are being fought as the underlying disease of excessive debt and lack of growth still remains.

Which means all eyes will shift to the European Central Bank this week as investors wait to see whether it cuts interest rates to complement the measures taken by EU leaders to shore up banks and bring down borrowing costs for Spain and Italy on Thursday.

Also we will have very low volume due to July 4th holiday so this could ease any major increase or for that matter decrease.

Happy trading