Speaking of exogenous events, it is remarkable how global bailouts are now taken in stride. Nearly a year ago the Greece sovereign crisis led to a worldwide selloff - some of the heaviest selling since the rally began in March 2009. Then in November 2010, we had a more modest selloff of about 6-7% due to the Irish sovereign debt crisis.
The current Portugal sovereign debt crisis, in which a formal request to be bailed out was announced in the past 24 hours? Who cares! Business as usual in the bailout