Readers should remember that a few weeks ago I warned about the coming drop in the stock market that would be caused by the events in Europe where voters in France and Greece took a decidedly left turn. These voters rejected the austerity measures that were being pushed by Germany as an answer to the terrible debt problems that are plaguing the Continent. In knee jerk fashion the stock market took this as a big negative and prompted a nearly 8% decline in the major averages in the US. In my view the selling has gotten to the point of being overdone and I think a rally in stock prices is very likely for the rest of this month. I also find encouraging the new found belief in growth as a means of reducing the debt burdens of European countries and hopefully the USA as well. Indeed the premise that austerity was the answer for reviving economies was always a flawed economic concept. It didn't work for Herbert Hoover during the great depression and was doomed to failure this time around. Let's here it for policies that promote growth and higher stock prices!!!