Well, Sarkosy and Merkel meeting was built-up, and obviously disappointed. To make matters worse, with comments like "Euro bond is a last resort", they sounded like people with their heads in the sand. I guess they do not care to see the market effect of what is going on.
Anyway, with the lack of leadership, we got our pull back. The SP500 may see 1170s via the 5SMA.
With IBM and Google's decline today, they look really interesting.