Market Thought... Break out or push back $spy

Not sure if the dooms day predictions will come true, but one thing that is pretty clear: European banks are a fucking mess.

Icahn is preaching about the junk bond market, but we have two very real scenarios where in the last two days EU banks have shown to be swimming naked. Seriously, after 2008, the fact that the ECB allowed for suck bullshit cushions is the real fucked up part. The real tragedy is the endless supply of arrogance in the EU that has allowed it to happen.

I mean, two companies (VW and Glencore) take a hit and now major banks are seeing losses or need to recapitalize. 

Markets rallied thanks to the Fed. Pushing the SP500 to interesting levels.

It has arrived at interesting resistances. The heaviest of resistance being the 200 sma.

Before seeing the EU bank chatter, i would normally short closer to 2060. But with the EU banks in the shitter, took on early protection.