G8 Summit

Its clear that the leaders at the G8 summit all want an end to the violence in the Middle East. There's a good chance that Israel will be pressured into a cease fire. Lebanon had already commited itself to a cease fire less 24 hours ago.

This might be a turning point for the stock market as oil will ease back.

More importantly though is that a full out war may be prevented and no more innocent lives are lost.