By John Galt
December 15, 2011 – 05:20 ET
The collapse in commodity prices yesterday along with warning signs from credit markets around the world should provide the only guidepost one needs to know about the Euro circus causing problems worldwide. Since 1220 did not hold on the S&P500 it now becomes overhead resistance to an upside move which should be attempted today. After that folks, there isn’t much to watch but tears as this market will only move with the news. There is no leadership, when selling occurs it is broad based (called distribution) and as it hits in waves, the smart money is getting out.
No charts this morning as I’m going to work on some other projects and will post a lot more this afternoon about the Euro problem because it is much worse than advertised.