Yesterday, on the promise of Merkel and Sarkozy to resolve the European Crisis this month, the Dow was up 330 points.  Overnight, Asia also rallied on that good news.  Then, the European markets opened with a rumor that Slovakia would not approve the July agreement to create the EFSF (European Financial Stability Fund), which would effectively kill it.  Europe is down about 1% pending the vote.  The Dow looks poised to open down about 65 points.  If Slovakia kills the EFSF, the market will be down dramatically.

When the world’s stock markets depend on a vote in Slovakia, something is wrong!