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The malign exchange had a fairly quiet day during the Monday trading session, but gave up the gains that it had initially occurred. The 15,500 area seems to be an area of resistance, and as such we think that this market is trying to fall back down to the 15,000 support level. With this in mind, we are negative of this market, but just for the short-term.
We think that Italian stocks will get a little bit of a hit in the near-term, but in reality should continue to slog higher. If we do manage to break down well below the 15,000 level, this would be a very bearish sign as 14,000 would almost be a certainty. Alternately, if we managed to break above the top of the shooting star from the Monday session, we think we could rise to the 16,000 level.