Bear Orgy

Every technician I've seen online this weekend hates the charts of every stock, index and long-side ETF (with the exception of gold/GLD). There is hatred, a byproduct of — no, not fear — Friday's thick selloff. There are selloffs on weak volume that lack conviction. Friday's offing had significant volume, but really, was it deep enough to warrant this groundswell of doomsday forecasts?

We'll see soon enough with premarket trading just 2 hours away. At this point, futures have improved, as has the Euro. 

Hungary’s BUX index dropped 3 percent as OTP Bank Nyrt. sank to a 10-month low after Index news website reported that the new government is considering a special tax on financial companies. The forint gained, reversing the biggest two-day drop since 2008, after the government pledged to stick to the budget deficit goal approved by creditors and distanced itself from comments raising the prospect of a default.