ITS ALL ABOUT GREECE?

http://research.stlouisfed.org/publications/usfd/page3.pdf  only one direction...

Greek leaders reached an agreement with the European Union and the International Monetary Fund on another round of tax hikes and spending cuts, Reuters reported.

A soaring moment

The deal was taken as a positive on a day otherwise dominated by the sinking prospects for U.S. growth and policymakers' latest act of desperation, the release of oil reserves at a time when there is no supply shock. Stocks trimmed their losses after earlier falling as much as 2%.
But it is easy to see that the agreement reached Thursday is just the first of many hoops that the save-the-euro crowd must jump through.
Greece, after all, has a budget deficit, a contracting economy and more than 300 billion euros ($425 billion) in debt. This is not the idea combination."
http://finance.fortune.cnn.com/2011/06/23/walking-the-greek-tightrope/?iid=HP_LN