Where is the money in EFSF to support Bank Bailout ?

There are three things common out of all the Eu Summit,
1. Hope
2. No detail about plans
3. Stock market rally on the last day of summit.

European leaders have agreed to use EFSF to bailout banks till ESM is ready. The EU vested on the Eurogroup the responsibility of implementing the decisions made at the summit by July 9, 2012. Things in Europe tend to take forever, and a single bank supervisor could take more than 6 months to implement, which could delay the proposed changes to Europe’s bailout funds. Still the question remains, where is the money in EFSF to support bank bailout? Out of 440 B from EFSF, 192 B was used to rescue Ireland, Greece and Portugal. 125B is assigned to Spain. Cyrus is seeking 12.5B bailout. The total liabilities on Spain and Italy's balance sheet is 2.4 trillion. After Spain and Cyprus bailout EFSF will have less then 100 B. This market will tank again, once more detail will come out about this new proposal.
As a day trader one should focus to capitalize on this rumor and reality. If the market opens high around 200 point then be short, and if the market open 100 points up, wait for the direction and look for the short term overbought and oversold condition to take appropriate position.

For Bullish sentiment to continue: Dow needs to break 12725, while S&P500 needs to break 1344. 

For Bearish sentiment to continue:  Dow needs to break 12625, while S&P500 needs to break 1334 followed by 1308

In the chart below Red circle and arrow represent Bearish sentiment, Blue Circle and arrow represent Bullish sentiment.

Dow expected to open higher

S&P500 expected to open higher 

	SYMBOL	COMPANY	EVENT TITLE	EPS ESTIMATE	EPS ACTUAL	PREV. YEAR ACTUAL	DATE/TIME (ET)
	STZ	Constellation Brands Inc	Q1 2013 Constellation Brands, Inc. Earnings Release	$ 0.39	n/a	$ 0.39	29-Jun BMO
	FINL	Finish Line Inc	Q1 2013 Finish Line Earnings Release	$ 0.23	n/a	$ 0.30	29-Jun BMO
	KBH	KB Home	Q2 2012 KB Home Earnings Release	-$ 0.34	n/a	-$ 0.89	29-Jun BMO

Economic calendar:

TIME (ET)	REPORT	PERIOD	ACTUAL	FORECAST	PREVIOUS

8:30 am	Personal income	May		0.2%	0.2%
8:30 am	Consumer spending	May		0.0%	0.3%
8:30 am	Core PCE price index	May		0.2%	0.1%
9:45 am	Chicago PMI	June		53.0%	52.7%
9:55 am	UMich consumer sentiment	June		74.0	74.1

Washington Event:
8:30 a.m.: Personal income and consumer spending for May, released by the Commerce Department.

9 a.m.: Hearing on the American Energy Initiative, and a focus on EPA’s greenhouse gas regulations, at the House Energy and Commerce subcommittee on Energy and Power.

9:45 a.m.: Chicago PMI report on manufacturing activity in the Chicago region in June, released by the Institute of Supply Management.

9:55 a.m.: Consumer sentiment for June, released by the University of Michigan and Thomson Reuters.


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