Woke up to find that the topic "Italian Revolution" was the top Twitter trend in Italy and #2 in Spain. There have been riots and protests in Spain over the last week. "Spanish Revolution" is on the top Twitter trends list in Italy and rumored to be censored from the Twitter's Spain list.
Will the unrest in the Mid-East catch fire and spread throughout Europe? It's too soon to tell, but it seems to be building. I did notice this small tidbit this morning:
May 19 (Bloomberg) -- Spanish 10-year bonds fell as the nation sold 800 million euros ($1.1 billion) less than the maximum target at an auction today, as investor demand declined amid lingering concern over Europe’s debt crisis.
Who knows if the two are related, but the sovereign debt situation is still unresolved and could accelerate at any time. In the words of one of my favorite bands, The Smiths -- How soon is now?
I am short in the pre-market on the S&P, but am aware that the gap at 1357 (cash) may be a target over the next few days. 1332 was my bull/bear line and has been exceeded, so for now that opens the door to, but does not guarantee, new highs.
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