Rumor starters are hinting Merkel will cave on some version of Euro bonds or central fiscal scheme. Might be just enough to start a technical rally for a week or two until Greek elections pull the plug again-- at which time the markets will be overbought once again, but probably still under the highs of the year.
I'm tempted on the CAT JUN 92.50 calls... might be worth a $200 bet.
I just meant in terms of contrarian "rally" next week on "good" news/rumors from Euro to help along a quick bounce from oversold indicators. Right now everyone "knows" its going lower-- might be a one or two day short squeeze early in the month ahead of Greek elections just to keep everyone confused and keep volatility spiking so options will have greater premiums.