One fact of life in this market is you need to stay "on your toes".  While I was traveling for a consulting project, the bounce in the market occurred.  As I am writing this piece, European leaders decided to spend another $100 billion dollars or more to "bail out" Spanish banks.  The issue with the ESM is that only government's can borrow from the facility. Another interesting lesson learned for the future.  So, the major question is who will put up the $100 billion this time?

The market looks poised to rally further at this point.  However, the 1360 area will start the next dramatic leg down in the market. The CRB index, along with markets around the world seem poised for a major fall.  The major question is when all the bailouts are completed of the banks, the risk will be on government's to pay.  If the government's cannot pay, interest rates are poised to rise.  While we shuffle around deck chairs on the Titanic, the real underlying economies are weaker despite government leaders suggesting "everything is fine".