S&P 500 Spikes 10 Points on the 287,572th European Rescue - this Time by IMF

This is getting tiring .... but for the upteempth time we have headlines driving the market, as yet another rescue fund is put into place.

Conveniently the S&P 500 bounced right off yesterday's lows (1184) to 1194ish.  Based on how each iteration of the drugs offered by the powers that be has less effect, I expect the euphoria of this headline to wear off within 30 minutes.

Via Zerohedge

• IMF APPROVES CREDIT LINE PROGRAM CHANGES TO PROVIDE LIQUIDITY 
• IMF CREDIT LINE CREATES NEW SOURCE OF FUNDS FOR MEMBER NATIONS 
• IMF ADDS EMERGENCY FUNDING TOOL TO ASSIST COUNTRIES IN CRISIS 
• IMF NEW CREDIT LINE AVAILABLE FOR SIX MONTHS TO TWO YEARS 
• IMF CREATES PRECAUTIONARY AND LIQUIDITY LINE 
• IMF SAYS ACCESS UNDER 6-MONTH LIQUIDITY LINE COULD BE UP TO 500% OF MEMBERS QUOTA