Overnight

Spain had was could almost be called a successful auction, that was enough to send risk soaring last week. The "almost" part of the auction means it was god they sold nearly all the debt they had scheduled, the not quite so good, was the debt was 3-6 month notes which these countries have little problem selling, it's anything over the 3 year LTRO loan window they have difficulty with, like the 10 -year that failed. The other sticky point was yields even on this short term debt nearly doubled since the last auction. That's what investors are demanding to take the risk.

Italy also sold some 2014 Zero coupon bonds, successfully, except the yield jumped by about 30%.

The Bank of Greece once again cut their 2012 GDP outlook by 5% amidst an ongoing recession and painful austerity measures. I kind of think austerity during a recession is not that great of an idea, lets fire more people!

The New York Times Reported that it isn't just EU banks that are squeezed for capital, guess who else, just follow the dots... Chinese banks!

ES remained fairly solid last night until about 8 a.m. this morning when it took a plunge, Case Shiller didn't miss until 9 a.m. with the lowest unadjusted home prices in over 10 years, so I'm not quite sure what that was about, but it looks like maybe a little too much distribution in to price strength... That's a delicate balance, to sell in to strength without killing strength.

The quiet in the market is much like Sunday night, sort of deafening and that almost always leads to something big, perhaps AAPL tonight? I suspect that is contributing as well as the start of the F_O_M_C meeting today.

So lets see what's on tap today, things, unless leaked, will be a bit out of our control the next two days, so go a bit light on the risk unless you have a great reason not to.