Doesn't Matter Till It Matters

We've been shrugging off the slow motion crash in Italy for the past several days and it finally hit the stock market.  You've got a run for liquidity.  Italian 10 year bonds are near 7.5%, and are trading like hot potatoes.  This is going to pressure the European banks and we'll likely see ECB intervention soon.  I remain bearish because the stock market still has a long ways to go to reflect everything going on overseas.  Plus we've got the US budget committee having to come up with budget cuts by November 23.  That will keep traders from fully embracing risk for the next 2 weeks.  Staying short.