S&P; Futures Opened up 15 points and Nasdaq futures up about 20 points but soared to +32 points in seconds as if something was solved by this bailout in Spain. It wasn’t. Nonetheless, shorts appear for the moment scrambling to cover. When reality sets in is anyone’s guess.

On a delayed feed basis the US dollar index now down about 90 cents, gold is up about $12 and silver up about 46 cents.

US Dollar Index First 20 Minutes

click on chart for sharper image

The pertinent question is what happens to Spanish bond prices.

Mike “Mish” Shedlock
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