With the market more or less on auto-pilot as many watch Portugal and Spain in the World Cup, you get the sinking feeling that intraday shorts are going to get burned, if they have not already.
Key support in the S&P is holding and EUR/USD is already somewhat bid, so a run to take out stops in the 1.2220/25 area looks increasingly likely. Sellers return toward 1.2250/60 in the near-term, traders report. EUR trades at 1.2211.
