The euro seems to be heading toward $1.40 which might be feasible. Could it sustain that level? I believe the issues overseas are systemic as job growth slows and debt issues worsen. If it hits that level be ready to short it. The S&P seems to be resilient even though job data is negative and earnings are so-so. The fact that it has reached 1300.00 area with no economic data to talk about is also concerning. These levels could be sustained due government intervention and corporate stock buyback programs. Is the consumer jumping in to these markets? The consumer is optimistic but they are watching spending and most likely not buying into the market, unless it is in their 401k. The technical levels that have been reached should be a warning that a sell-off of 10%-12% is possible.