Morning Breath May 9

Good morning. Happy Wednesday.
The Asian/Pacific markets closed down across the board (except for New Zealand). Australia, China, Indonesia, Japan and Singapore dropped more than 1%. Europe is currently mostly down. Austria, Switzerland and London are down more than 1%. Futures here in the States point towards a big gap down open for the cash market.
The dollar is up. Oil and copper are down. Gold and silver are getting hit hard.
Markets around the world are melting down. Nowhere to run, nowhere to hide. Everything is getting hit. Six trading days ago the S&P hit a new high and was less than 10 points from a multiyear high. Now, after dropping 4 of 5 days, it’s dropped more than 50 and is at a 2-month low. Things change quickly. Several months of progress wiped out in a very short period of time.
News from Europe is the same. There’s fear Greece will get kicked out of the EU, and Spain’s banks are in trouble. With 434 of the 500 S&P companies having reported earnings (80% beat expectations) and a lack of news here, Wall St. has nothing to focus on except

The path or least resistance remains down, and when we wake up every morning and see the futures down 5-10 points, it’s not even worth it try an oversold long for a quick bounce. More after the open. Contributed by Jason Leavitt. www.leavittbrothers.com