In our previous post we questioned whether the recent pullback was ‘just a correction or the beginning of something deeper and sinister?…The answer will certainly be revealed in due time.’ Well, it took all but the next trading session to have our answer. Concerns about Global Sovereign Credit particularity the countries of Greece and Spain was the catalyst to hammer stocks and futures in today’s session.

Tale of the Tape

Dow Industrials: -268.32
S&P 500 Index: -34.17
Nasdaq Composite: -65.48

Below is today’s action in pictorial format as a picture is worth a thousand words.