Debt issues in the EU seem to be under control for the short term as bond yields in both Italy and Spain are continuing to fall. Below are 10 year bond yield charts of both Italy and Spain. Below is Italy 10 year bond yields.
And Spain 10 year bond yields below.
Below is a chart of the S&P 500 index (SPY). In the short term the market has hit resistance at the 134 area. Also note that the market is overbought in the short term at the same time.
Bottom Line: The market still looks good here, but I am expecting some consolidation or a slight pull back prior to moving higher. Earnings are spotty as AAPL and CAT both recorded extremely strong quarters.
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Disclosure: We hold SPY in some portfolios.
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