The credit rally picked up full steam as bond deal after bond deal came to market amidst heavy investor demand.

Stocks rallied despite the constant stream of contradictory headlines coming out of Greece.

One minute there was a headline that Greek Prime Minister Papandreou had resigned, but within minutes his office would refute the statement.

And then another headline would come out that Papandreou's resignation was in fact imminent…

It was the same back and forth headlines with the referendum; one minute the referendum was on, the next minute it was canceled, and on and on and on…

Away from the Greek drama (Brazilian soap operas watch out!), the ECB (European Central Bank) lowered its benchmark interest rate to 1.25%.

Global interest rates are at historic lows yet economic growth remains anemic on both sides of the Atlantic.

This leads one to believe that liquidity is not the issue; structural economic reforms are needed.

Players will be watching unemployment and payroll numbers on Friday and looking forward to some weekend rest.