They were certainly teetering only a week ago with down day after down day & some indices like the Russell 2000 & DAX losing over 10% in as many days. Others in Portugal & Spain had given up around 25%. I see this as just a breather in what will still prove to be a much deeper correction of around 20%. I could obviously be wrong but its a view I still hold & until there is a reason to think otherwise I'll hold that view. I certainly haven't seen anything in the last week to change that. If anything some of the data is deteriorating.