The Stock Market Is Basically Shrugging Off The Cyprus News
The S&P 500 is pushing toward its highs of the day after the stock market started down nearly 1 percent at the opening bell.
The market has been open for two hours since then, and it's basically gone straight up. It's now trading just off the highs of the day, down only 0.5 percent, at 1553.
The chart below shows the S&P 500 futures session today, including the pop at 9:30 AM on the right.
There will be a lot of uncertainty over how the situation in Cyprus will be resolved this week.
Over the weekend, the Cypriot government agreed to a bailout from the EU that contains a controversial provision forcing depositors to take a haircut on the money in their savings accounts.
People in Cyprus are naturally furious, and the Cypriot government still has to approve the deal.
The vote on the deal was supposed to be today, but it's been delayed to tomorrow.
Meanwhile, Cypriot banks, which were supposed to re-open tomorrow (following today's EU bank holiday), will remain closed until Thursday.