Stocks and a slew of other risk assets were relatively quiet on a rather busy news day. From our point of view, the major averages confirmed their latest rally attempt on Tuesday 1.3.12 which was Day 9 of their current rally attempt. It was also encouraging to see the S&P 500 break above its downward trendline and its longer term 200 DMA line. Looking forward, the S&P 500 has done a great job staying above its Q4 2011 high (~1292) and now has its sights set on its 2011, high near 1370. In addition, the bulls remain in control as long as the benchmark S&P 500 trades above 1292 and then its 200 DMA line.

Greece Agrees To Bailout Terms, ECB and BOE Meetings Barely Move Markets:

Investors digested a lot of earnings and economic data on Thursday. The big news was that Greece agreed to to the demanding terms of its second bailout package from the EU and the IMF. Separately, the Bank of England (BOE) and the European Central Bank (ECB) both concluded their latest meetings. The BOE injected (printed more money) $79.3 billion to boost their struggling economy. Meanwhile, the ECB held rates steady at 1% and made it clear that they are willing to take additional (and aggressive) steps to save the Euro, if needed. Finally, the Labor Department said jobless claims fell by 15,000 to a seasonally adjusted 358,000.