Spain Downgrade

We had some follow through from yesterday's strong action. Some profit-taking and consolidation the first hour and buyers stepped in early. Fed chief Ben Bernanke's comments that quantitative easing was not off the table provided some support for the buyers. However today's strong close left us overbought and we are running into resistance at the March high. After hour 2 notch Spain down grade will help the bears in an overbought market, but if the bulls manage to shake this off we may be looking at much higher prices. Amazon is a earnings winner tonight and the initial reaction there is quite positive.