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The world watches the on-going economic problems of the Eurozone. Is there hope? Need the rest of the world care? Let’s start by placing the Eurozone in a global context.

Only 13.3% of respondents to the most recent Investors Intelligence Sentiment Survey described themselves as “bearish.” The contrarian indicator at 13.3% represents the lowest level of bearishness since February 1987.

How perfectly did this crap rise to test the breakdown and then drop? My stop as noted last week was a rise above 43, so I still hold Spain (Europe’s version of junk bonds) short, along with the chunk of SPY also noted.

GLD is at a valid support level for the anticipated pullback. Lower support is noted, in the event things get woogly here during FOMC week.

The real price of gold, as adjusted by commodities is making some nice baby steps toward rebounding.