Europe Stabilizing

Trichet is rumored to be considering continuing bond purchases at the ECB, and that is exciting the market.  Also, we have the first day of month which usually means a gap up.  I don't recommend buying this gap up, we are close to the gap fill area at 1196 and near the top of the range.  Expecting the market to trade between 1190 and 1199 today.  I don't expect any fireworks.  The deed has already been done, in overnight hours of course.