Germany broke the August lows over the long weekend and Euro-banking concerns headed in the wrong direction. An ugly 30 S&P point gap down open awaited us this morning, but the bulls stepped up on a better than expected ISM number. We trended up most of the day and closed strong. We are still in a trading range and may get another bullish push tomorrow morning, but the risk appears still to be to the downside, especially if we hit the 1125 level again on the S&P 500 for the third time. Speech by President Obama Thursday and a court decision tonight out of Germany will likely have a major impact on trading tomorrow.
