Once again, the market celebrated the rescue of European banks.

Unfortunately, all that really came out of this much-anticipated summit was some general understandings. The actual details have yet to be worked out. It was just another agreement to agree, but some talk that China may invest in the bailout gave the move a little extra jig.

It is easy to be skeptical about positive news out of Europe because we have been seeing the same nonsense for so long. Nothing is ever really resolved, but there are constant assurances that progress is being made and that everything will be fine. If you don't have some doubts, you just aren't paying enough attention.