Greek plan was the best solution
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With the Euro-zone financial minister agreement for a 130 billion Euro plan for Greece a long awaited solution to this European problem has been found. Despite the natural pessimism about the implementation risk or even the future renegotiation of the agreement after the elections I am convinced that this plan will have a very positive impact on European markets and was not just the best solution but the only one for both Greece and Europe.

The reality is that while Greece outside the eurozone could have benefitted from currency devaluation, in practice, a return to the drachma and/or a default would have been catastrophic for both Europe and Greece.

I feel to give it for now the benefits of the doubt and to think that the plan, which requires so many sacrifices, can in fact work.

Market angst to disappear
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With this puzzle no longer on the table much of the market anxiety about Europe and a possible contagious default will, gradually, disappear. European markets have been largely penalized by the uncertainty surrounding the future of the Euro and have now a potential for further rallies.

Even the higher shortcut applied (53% vs the agreed 50%) provides with more certainty of the loss that banks and other financial institutions will have to accept. This will create clarity with and dissipate the uncertainties that have sent European financial at historically low valuations.

No Global recession
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With no global recession to materialize commodities will continue to bounce back for this reason I recommend commodities (broad basket) but also gold and other precious metals like Platinum and Palladium.