My (jumbled) thoughts...Intraday charts from yesterday all show...

My (jumbled) thoughts...

Intraday charts from yesterday all show a steady sell down from open, Spanish/Italian bond yields an alarming jump, shooting star on FTSE. Euro has bounced in our session, but still at a point where it could easily crash through to new lows. The implications of that are likely worse for commodities than for US industrials.

I'm in no rush to jump in. Possibly could miss a bounce trade, but it is high risk and not off a deep capitulation low. The market becoming increasingly skeptical of quick fix solutions to structural problems may further limit pay-off from second guessing the policy makers. The upside might be further consolidation in this range while risk is another down-leg, unless there is something concrete to base a rally on.