Stay Vigilant Here

 | Dec 13, 2011 | 10:57 AM EST
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Could there be some sort of deal in the works that could bolster Europe, something with the still-silent IMF, backed up by other nations that need Europe not to go down the drain?

I have to think that there could be something percolating because we are not yet breaking down, despite the FXE hanging at support.

We better hope so. With oil rallying off the Iranian meddling and the euro breaking down there's not much to keep us in the black .We know this market's prone to give up gains and do so in spectacular fashion given how thin it is and how high-frequency trading and double and triple ETFs can spoil the party.

The euro's getting hit on Merkel talking about no additional funding for the ESM. Worrisome.

I want to stay on high alert here, and while I would like to believe given the decline in the VIX that we are in a stable situation, neither oil nor the FXE makes me feel good about this tape.

Vigilance right here. And DEFCON 2 without something good happening pretty imminently.

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