European markets and our futures are soft because it appears European leaders have agreed on a plan that would lead to a selective default for Greece. I believe this might be a bullish outcome.
Last night it was announced that Angela Merkel had made a deal with Nicholas Sarkozy. Its likely that Sarkozy extracted concessions from Merkel to help stabilize the rest of the Eurozone in return for allowing Greece to default.
Greece had to default at some point anyway and any solution where Greece did not default was likely to fail. The key will be if the plan is enough to stabilize the rest of the PIIGS. I suspect that even if it is not enough to end the crisis it will be enough to give the can another kick.