The Spanish bailout over the weekend has spiked the markets higher. Euro has broken through the 1.2625 level and the S&P sits just below 1350.
Which way this market will react from here is a total guess and I am going to wait and see before I attempt to trade it. My gut feel is we are too high but it is possible for this market to rally from here.
I will updat this blog mid morning when we get a better feel for this market.