Point of No Return

The crisis in Spain has reached a point of no return, from a market standpoint.  We are now going to have to hit rock bottom before we turn around.  Also, Greece is now on the drink of default and exit.  The market will not bottom until the bazookas come out from the ECB.  It looks like we need to see lower levels and more panic before that happens.  Same goes for the Fed, who will only act if the market is lower, at least under 1300 and probably needs to be closer to 1250.  I don't see a range bound market anymore.  The situation is just too dire for us to stay in this benign range.