The only good news coming out of Europe is that expectations were so low for any results that we are seeing a "buy the news" reaction. In the short run the extreme selling we saw yesterday and high level of pessimism towards a solution in the EU should buffer the downside. It is important to remember that the EU has come close to the abyss but has intervened before the Armageddon scenario was allowed to occur. Now that they have wrung out every concession they have been looking for from member states, it is even more unlikely they will allow the Armageddon scenario to occur.
Today's news was not inspiring, even with very low expectations. I will withhold judgement until next week when we get the full details of the plan and see how aggressive ECB actions are.