Risk On

This morning's gap up, which in the SPY, erased all of yesterday's move down to gap to Tuesday's close...

Was said to be a result of Spain's banks borrowing less for the first time since Sept. 2011, but as we already saw yesterday and building this week, there were already strong positive divergences in the Euro, the market averages, AAPL and the futures.

The EUR/USD...

 Started recovering right after the Spanish downgrade by S&P last night, in fact so did ES.

 To the left, ES was reversing up long before the European open at the green arrow at 3 a.m. EDT

As of now the ES 1 min chart has decent confirmation.

I'll look at opening indications, but I think we let our longs set up yesterday work and wait for our shorting opportunity...

TQQQ's second half of yesterday's position could not have been a better entry.