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Stocks have defied the unsettled European backdrop and growing evidence of weakening domestic economic momentum with hopes of further Fed support. That sentiment has been strengthened even further today after reports that central banks of the Group of 20 nations stand ready to pump liquidity into the global financial system to forestall any negative fallout from Sunday's Greek election.

It is hard to tell whether reports of plans for a coordinated global central bank action are anything more than speculations at this stage. We do have some statements and reports from the European Central Bank and the Bank of England indicating their readiness for providing more liquidity. In any case, it would not be the first time that central banks would coordinate their liquidity operations to have more impact. The question is whether such an action, should it transpire, will have any enduring impact beyond a single trading session.

The Euro-zone crisis gave a number of funny acronyms to describe the situation, ranging from 'PIGS' to 'Grexit'. We are now hearing this Father's Day weekend described as 'Greekend'. It is possible that Sunday's Greek vote may turn out to be less consequential than many have been putting it out be. But even if the Greek vote turns to be favorable, it will hardly be the end of the problem.

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