agree 100% the Europe situation was just a trigger for this current correction, and the fact the Euro traded higher last night when the equity market was spanked confirmed the market had moved past the problems in Europe and now are being led by a de-risking trade.
one big thing to watch for tonight is the German vote to support the European bailout package, if this was to be voted down all hell would break loose, and this is the main reason I don't think we have quite reached the point where valuations suggest a reasonable mid term entry point.
