MF Global

The octopus of the European debt has reached MF Global.  MF Global is a fragile firm, it nearly blew up in 2008 because of a rogue trader who got squeezed short in wheat futures.  They are leveraged to the gills to make up for their low margin business.  It is a crisis only if you are weak, and MF Global should have gone bust a few years ago, now the market wolves are going after it again.  I don't think they'll let the prey live this time. 

I bring this up because as much as the stock market has squeezed higher, the sovereign debt yields haven't come in.  And we still have that Greek monkey that's still on the market's back.  We don't have a crisis, its just a long squeeze on PIIGS debt holders.

Now that the so-called "scary" event is out of the way, the hesistant will dip their toes into the water, right when we're about to top out.  It is getting closer to the time to position short for the big whack lower.  It will come out of the blue like it always does.