The good news is that we are seeing put buying today and the market is hanging in. The bad news is that the situation in the Eurozone seems to be deteriorating. The rhetoric coming out of Germany is downright scary and Berlusconi's backtracking on his austerity plans is further angering the Germans.
We find ourselves in a very difficult investing environment. I believe the path of least resistance is higher but one must leave room for the possibility that Germany pulls the plug at some point.