In the first true test of the past 4 week rally, tonight is the...

In the first true test of the past 4 week rally, tonight is the beginning of the US earning season which will flow into the Australian financials reporting season.

I have noticed a shift in sentiment just in the past 24hrs as reality sets in and the cracks start to appear in the last months huge upward movement

Banks Toxic Debt to hear 4 Trillion...

http://www.cnbc.com/id/30083760

http://www.reuters.com/article/BANKSL/idUSSP41236720090407

IMO and as I have said before on the DJIA threads, we moved upward before mainstreet was ready. If the IMF prediction of 4 Trillion of toxic debt still sitting on banks balance sheets comes true I would not want to be sitting in any long position that aren't defensive.

Are we on the precipice of the new retest of 6500?