Have to agree, red the news last night pretty dire - especially...

Have to agree, red the news last night pretty dire - especially Europe - and SPX ignored it entirely (bit of a "Boy Who Cried Wolf" reputation with Europe).
The Euro markets, and currency, look like they really want to collapse but US keeps dragging them back up. That's bullish, for now. That said it feels to me that we are in a distribution phase. Perhaps its one of those distribution phases like late 2007 which catapulted the market to new highs, while the bears watching the collapsing credit markets tore their hair out in disbelief.

"So long as the music is playing, you've got to get up and dance...We're still dancing"

Chuck Prince, former Citigroup CEO

http://business.time.com/2007/07/10/citigroups_chuck_prince_wants/