The markets sold the Spain news quickly as it was telegraphed last week. Apple added to the pressure after its new products conference ended mid day. Worries about Greece and Italy resurfaced today. We have support 10-20pt below and it is normal to correct an overbought condition as many intermediate term indicators are starting to go positive. However, we need to hold support this week or we could have an avalanche of selling into the weekend as people look towards the Greece election.
