One of the PIIGS is breaking down today.  PIIGY #1 (Italy) is breaking a wedge today by daily chart.  It is just a wedge break and need not drop too far (often about 1/3 to 1/2 of the wedge will do).  The 50 day averages should decide on that.

NFTRH has been following the monthly charts of both Italy and Spain and their improbable measured upside targets (not quite achieved) since last year for the speculative impulse they implied for the European markets.

PIIGY #2 (Spain) is still intact…

And Europe is wobbling…

And we haven’t even gotten to China and the Emerging Markets yet.