Europe Probably Bottomed

Today, the European markets likely have put in an intermediate term bottom that should last for at least a few months.  I can't say that the US market has put in a bottom with as much certainty, because it hasn't capitulated, but European equities, especially Spain, has already capitulated.  Europe trades quite well despite all the bad news (elections, PMIs, etc).  Then again, all the bad news was pretty much expected. 

You will hear the fearmongers speak loudly for the next few days, talking about corrections and bear markets.  They are wrong, Europe was the nexus of fear over the past few weeks, and when that market bottoms, it takes away a lot of the bear's ammo.  You can make your own interpretation on how that will play out over the market in the coming weeks.  I have a bullish lean to what is currently going on in the market.