Bad news is making people think authorities will be forced to act positively and so resue situation. World desperate for re-assurance. Predict 500 points down if news bad and 100 points up if news good.
That's probably pretty close - mostly good news priced in, so a bit more risk to downside. Although, it's a long way to Greece being kicked out. Even if Syriza gets some level of power they'd probably just use it to negotiate a better deal.
Greeks are freaking out - they don't want to leave Euro, so a pro bail out parties should get enough votes to form a Government. There will be a short relieved rally come Monday morning. Short live because Greece will still be leaving Euro zone this year but in a more organise way (Euro zone want to make example of non compliant countries) - bottom line Greece has hardly complied with requirements. Next thing to watch - Spain & Italy. I wont go short or long on the ALSI over the weekend but holding on to my Golds.
... just to add. I do not believe Central banks will move as far as markets expect - unless there is Financial Armageddon on Monday. I thing Fed will only move around Sept (they will wait for things to get worse before jumping _ FED wants to be seen as the Saviour - and no what they truly are).