Quite high indeed. Talk of a commodities hedge fund blow up in London took crude from even to down $3 in the blink of an eye. Gold plunged as well. We bought into the plunge on the metal. That's a place it should find support and so far it has.

The worries are everywhere and I have to say, after nine months of no worries they are pulling them out of the woodwork now. Folks, I do not believe this is the big one down - not yet. FXE just finished and AB=CD down. That should support the Euro; weaken the dollar and help equities near term. Look for this market to try and lift into the close or next week at the latest. We broke a swing point on the indexes yesterday but volume was so-so. NDX is holding today. Sure, we could free fall but that would likely be a good point to add some longs if we do - not sell everything and head for the hills.

It's a tenuous toe hold for the bulls right now. We'll just have to monitor as the day wears on. The key will be the Euro today so keep an eye on it.