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Apologies in advance for our constant reminder of our market "SELL" call from mid May, but this is what we have to endure to "prove" to the buy side that we make and/or save people money.

A picture is worth a thousand words, and the chart below shows the swift -12% drop in the London Financial Times Index since May 19th.

My downside oversold target for the FTSE is 5605, and we're seeing that tested here this morning. If you're net short European equities, I'd be covering positions into the close and getting neutral, at a bare minimum.

KM

(chart courtesy of stockcharts.com)