When Europe didn't implode this morning, stocks rallied and are now at critical junctures on the charts. The Vix is right at support where it has come to on each of these rally attempts. We are up 700 points from the Tuesday lows which is about as much of a move as we got from previous reflex rallies. And is it me or these headlines coming out saying there will be no recession, Morgan Stanley is not in trouble, Europe will manage Greece remind you of all the headlines in 2008 telling us there were nothing wrong?

MLPS are up as well with the index up 3 points as we grab some lunch. I've been building a short position in the market on this rally as i've done in previous ones.