Well we started yesterday with some hope and a nice rally. I thought it may last a few days but I was wrong. Straight back to the bear market with a vengeance. Basically doubts about the ESM and major concerns about growth prospects globally have dented hope of a summer rally.
This could get nasty, so we are back to the old sell on rallies strategies.
Euro is heading for 1.1880 any bounce here is a sell. 1.2272 is the upper pivot this morning.
On the S&P we broke through the 1342 barrier last night so 1330/32 is support this morning.
Again watch Spanish and Italian bond yields.
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