Spain held an auction yesterday and the results have highlighted the problems that exist in the Eurozone which are not fixed. Spain cannot go forward funding at thses rates. So although the market is fairly quiet the crisis will return with a vengeance soon. We might get through the summer untill September but that is the best that can be expected.

Today we  have the Euro zone leaders agreeing the Spanish bank bailout. Don’t expect any ground breaking news from that. The question is whether the recent rally on stocks will correct. We tried that yesterday but the market recovered.

Levels today are:- Euro 1.2325  1.2225   on the S&P 1375  1365  Might be quiet let’s hope not. A bounce on the press release this morning might be the best sell opportunity.