More Trouble in "Paradise"

The European issues that seemed just a few days ago to be off of the front pages is back in bold letter headlines.  The debt deal that was supposed to rescue Greece from the depths of their debt is suddenly under question as the Greeks themselves wonder if it is the best deal they can get.  The response in world markets has been as brutal as the celebration of last week.  The S&P was down 2.5% yesterday and is on pace for a similarly bad day today.    After such a large move in October, the markets were due for a pullback of some sort.  We'll see how the market closes before determining our next move.  We believe that the world powers will come to their senses and work something out in the short term to stem the tide.  We think that the market will find a base and continue its rise into the end of the year.   In the longer term, we remain concerned with all things Europe as any deal done today will have to be reforged for the problems in Italy, Portugal, Spain, Ireland, etc...  Many European countries are heading for Greece style issues and, unfortunately, their economies are much greater and any measures will likely have greater effects on the world economy.