This morning it's Europe again that's front and center.  This time Portugal seems to be worsening by the minute and as a result it's credit spreads are blowing out and the Euro is getting more fists and elbows. 
 
Speaking of the Euro, it's now blown below the key 1.313 level I mentioned yesterday and in my weekly newsletter.  That means it's now below the 200 day moving average and a strong uptrend line since July. 

On the back of all of this I am increasing my long position in the dollar index via the UUP.  The reason?  It's still the dog with the least fleas…for lack of a better expression.   

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