No Asia is not tanking. Its actually flat right now. Stop kidding yourselves. This whole Europe BS was just that BS. Big money traders exploited it to make money shorting the market so that they could make big money now running it back up. If you look at a weekly SP chart the chart says this run has 1360 at a minimum in it.
How can you say the threat of contagion is BS? If the crisis is not contained, the markets are going to get extremely volatile again. This rally from the October 4th low ran on almost nothing but pure hope for Europe. Yes, there were a few good earnings reports and economic data, but overall, the data that has been released is just ok. Europe is still center stage and I will not believe the bullish hype until the 200 day moving average is crossed. Any comments on the bearish flag on the weekly chart or are you going to keep saying the market is going to go almost straight up for another half a year? BTW, I know how to read charts, and there is nothing right now saying that we are going to 1360.