We bounced at the open and again on news of another European rescue plan, but both attempt fizzled fast. Even some
dovish comments in the Fed minutes didn’t produce a reaction. To add insult to injury, the Federal Reserve issued a press release right at the close that it will stress test banks for exposure to European debt, and we sold off a bit more after the close. The current action is very disappointing, and we have next support area between 118-116 on the SPY.