Mind-boggling...

With headlines like this dotting the financial press:

Bloomberg:

Greece Wins Second Bailout as Europe Picks Aid Over Default

the FT:

Eurozone agrees €130bn Greek bail-out




You may be wondering why the market isn't up 3% and instead looks like this...

 ES overnight declining

 Since the Reuters report of a deal, the Euro has fallen since the real details or lack of them came out.

And the SPY at .04%


It's because there is no Greek Debt Deal, not one that is done. There has been agreement and a 3-4 page statement that raises dozens of pages of questions and reality checks. I was hoping to get the statement and what it means out before the market open, but this looks like a post that will take hours to complete as each passing hour raises more questions then answers. I'll try to touch on a few bullet points, but that would be far from doing this "Deal' justice. Smoke and Mirrors may be the most appropriate description of what happened last night.