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S&P futures are 30 handles lower this morning as the Italian 10-year bond yield surged above 7%, a dangerously high and unsustainable level.

Correction should continue in a sideways-to-down mode for several weeks even with good Greek news and a peak in oil prices. New buying risky unless expertly timed.

The Street expects solid news out of the Euro-summit today. The stock market is up 14% in anticipation of solutions, not more "talk." No room for disappointment!