Our market turned lower yesterday when the German DAX suddenly dropped from flat to down 4% in a matter of minutes. The DAX is hitting new lows this morning and once again our futures are following. My sense is that Europe has gone too far and there has to be some value in European multi national companies at these levels. Unfortunately, I am not familiar enough with how Europe trades to make a short term market call.
I believe that Jackson Hole is a non event. Everybody already knows that Bernanke will not be making any earth shattering announcements. If anything I believe people are too pessimistic and getting Jackson Hole out of the way is bullish.