So much excitement yesterday, so much talk about making new highs. And now we are back to reality. How confident does these headlines make you feel? “Cyprus Banks Opening: Guards Prepare for Battle” or “Europe Shares Turn Lower on Italy Concerns”.

The only thing that can save the day is the Home Pending Data coming in at 10am. So I will not do so much in the first 30 minutes.

Look, I want things to get better, I want to see the $SPY making new highs, but it would be so much nicer if things get fixed “right” before we do that. I know it is a lunatic wish in a world fed by greedy people, but that is why we hope and dream.

Fixing the world economy is like capping a hole in the ozone layer. Everyone is up for it, but no one wants to drive a hybrid car. Yes they are economical, but darn it they are expensive.

So that’s it Cyprus problems will just be a band-aid on an open wound, and I guess I will just have to plant more trees.

$SPY 1st support is 154.91 2nd support 153.85 and 3rd is 152.85.

$SPY 1st target is 155.55 2nd is 156.45, 3rd is 156.80.

Trade what you see not what you think

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