Asia, red. Europe, red. S&P futures, red. It's not the fireworks in Egypt. It's Portugal.
Actually, it isn't. It's just the market's current mood. It can change in a flash. The market does what it wants and we grope for the reason. The reason takes care of itself eventually.
Egypt, by the way, looks bullish. It appears to have been building a bullish wedge since 2009. So much for the riots. It looks like it's setting up for a buy.
The spike in Portuguese yields is "alarming." Remember this the next time some economist tells you that rising yields in the US bond market means the economy is getting better.
Futures were down hard overnight and have recovered half of their decline. On such a light trading day (a half session) before the July 4th holiday, the market can get pushed around almost anywhere. Only a close below 1600 on high volume will concern me.
It's time to grab some matches and light some fireworks. Or better yet, start a bonfire.