The markets got Berlusconi-ed.
Regardless of the fondling of the bunga-bunga, the markets were also due for a pull back.
Given the magnitude of the Vix spike, the SP500 should find support soon. An argument for strong support can be made between 1450-1470 via the daily, weekly and monthly charts.
The one good thing that came out of the Berlusconi-cluster-fuck could be a lower Euro, which should help the EU economy.
While the markets are consolidating, some interesting trades are developing.
AET - looking for a bounce off the 68SMA.
DIS - looking for a test of the 62SMA.
eBAY - looking for the 90SMA to be tested.