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All About Euro News (by Springheel Jack)

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The markets are very sensitive to Europe at the moment as we all know. Just this morning we've seen ES move up ten handles on news that Berlusconi might be forced out tomorrow, followed by a sharp six handle fall when he denied the rumor. It looks like he might well be forced out in any case tomorrow though which looks positive as far as it goes.

I mentioned on Friday morning that I'd feel more confident about an extended bounce once ES broke 1260 with any confidence, and that's still the case. Until that happens this bounce may well fail and we might see a drop to break last week's low and test 1200. The hammer candle on the SPX daily for Friday's inside day wasn't bullish, though SPX is still holding the 20 SMA, which is the middle bollinger band, and that's positive as far as it goes: