Ahead of the open, (14-06)

Equity market meandered all morning as Dimons’ testimony took precedent over Europe (which was quiet overnight). Even a big disappointment in the Retail sales with sizable revisions downward to prior #'s couldn’t get traders off CNBC’s coverage.   Unfortunately in a market dictated by headlines, it was just a matter of time before something hit the wires and swings the market intraday.  As afternoon trade rolled in (2pm) numerous bits hit.  None were game changers in this view, but the tape became better for sale and rolled over into the close anyway. Some headlines like warnings of a failed Spanish bank, Greek deposit outflows rising have been around for days, while Greenspan’s comments really don’t matter in 2012.  If anything, it was realization the Greek elections are nearing and some risk off began.  So far this week, markets have not expressed too much concern over the upcoming Gr. elections.  Also, U.S markets are not reflecting the destruction in European sov' bond markets .  The risk these countries (ie.Spain) may be cut-off from the private debt markets should be a concern with yields so high.  As far as Greece, the hope is even if the anti- bailout Syriza wins, a compromise with better softer terms will be given out.  Spain’s condition light bailout is the driving force behind this idea of Europe softening on demands.  Be careful what you(Syriza) ask for with only 1 month of cash left for your country. You may want to stay in the Euro, but it’s not you who will eventually decide.

As the market’s  giveth and taketh away month continues with yesterday’s bounce evaporating, an interesting row of tall soldiers stacked together is showing up the majors charts (ie. SP) and will likely build for rest of the week.  This sets up a potentially sizable move once the top or bottom gets busted.