CNBC's Rick Santelli just stated: "What's going on in Europe is really starting to have an effect on our markets." Sovereign debt spreads are at a record. The movie theater is full. Now that the market has corrected a bit, people are suddenly aware of risk. The big question is if they're heading for the exits at the same time.
Still, I'm ready to strike, waiting for any sign that the washout is stalling, sitting tight until later in the day. OEX call premiums will be crushed by then. The S&P cash market should find strong support at 1,200. If not, my interest will turn to the downside.
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