Stocks rallied as the market consensus came in line with Market Color's analysis; any Greek referendum is likely to be structured and worded in such a way so as to assure passage.

There is a lot at stake with a geopolitical dimension to everything that is going on, much more than meets the eye.

The recent sacking of several senior Greek military commanders was no coincidence.

There is no global appetite for a Greek exit from the European sphere into the romantic embrace of a pan-Slavic (plus Greece) Eurasian union.

The Euro is not simply a monetary union; it is a component of NATO's European strategic concept.

While the Euro may weaken and lose value (which would benefit Europe by making its exports that much more competitive), it is not going away.

The robust political governance and frugal ways of the European core will simply be exported to the European periphery.

This may take time, but it is unavoidable.

The bond markets ignored mixed signals coming out of Europe with demand surging for primary new issue bonds that came to market.

There is a lot of cash sitting on the sidelines waiting to be deployed.

With year-end only a few weeks away, especially if we ignore Thanksgiving week and the last two weeks of December when things really slow down, a technical rally in credit makes sense barring any major European hiccups.

The FOMC (Federal Open Market Committee) meeting did not surprise with Fed Chairman Ben Bernanke expressing his commitment to do whatever is necessary to help keep the economy going.

Bernanke continues to leave the door open for a new program of Quantitative Easing (QE).

While QE will help the markets, the only way to get the real economy going and bring unemployment down is through real and sustainable measures away from loose monetary policy.

Given the election year dynamic, however, the potential for political gridlock is all too real.

That being said, the markets could get a boost if something tangible comes out of the November 23 Congressional super-committee budgets cuts.

While political inertia and lobby-driven politics do not favor bold fiscal action, one should bear in mind that Empires rise and fall based on a financial state of affairs.

Players will be tuned in to Friday's unemployment and payroll numbers.