The European scarecrows are at it again. Spain IBEX stock index is getting clobbered already after yesterday's short squeeze. They are scared stiff about Spain. Tomorrow's Spain 2 year and 10 year bond auction is on the radar of traders. Yesterday was a one day wonder. The correction is more than half way through, but it needs a bit more time. The nimble traders can play it short for today, but I wouldn't overstay the short side.
The bulls used up their ammo yesterday and Europeans covered their shorts after the Spain bill auction squeezed them. I am still looking to buy dips, but after yesterday's rally, will likely wait for either the end of today or tomorrow.
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