Today could Get interesting

FYI the worst thing you can do if you are a bankrupt country is to announce why you are freaking out and what you are freaking out. Well Spain did that by providing its skeptics the timing and the catalyst to trade around by announcing that they are freaking out about their interest rate roll, Therefore, the market has PUNISHED the IBEX to the tune of 4%.

S&Ps are looking ugly.

this 20 point drop in reaction probed 8 points lower than last weeks low of 1062 as well as almost filling the gap back down to 1051/1052. There is no reason to retrace all of this rally unless the market wants to test the prior lows. The problem with making new relative highs (read this past 2 week rally) without retesting lows that needed to be retested is that it indicates that when those lows are ultimately retested it is not to form a bottom but to push well through those levels. The level that has been indicated is around the 1018/1014 level.

These points could potentially be delayed further if we can close back above 1067.