Futures down about 1% on European weakness. We're bumping up against some major support - I'm looking at 1120 and then the all important last line of defense 1100. I'm not going to wait for these numbers this morning as I am buying aggressively.
Why am I buying?
- USD is actually slightly weaker this morning. Euro up slightly @ 1.44 on Eurobond rumors
- Despite the 4% sell off yesterday, the close was pretty impressive as we rallied about 12 handles in SPX in the last 15 min.
- Treasuries have been flat to slightly lower this morning. May indicate less risk aversion as investors shift from bonds to risk assets
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