This stock market has problems. Problems indeed! With what appeared to be an oversold bounce this morning was shattered on more negative news from the ECB cutting funding to certain Greece’s banks not to mention the FOMC statement about highlighting several members saw the need for additional stimulus causing the bulls packing once again.

The bulls that tried to play the upside were quickly beaten down by the bears and hot exits sending the indexes to the lows. The S&P is now in the red 9 out of 11 sessions.

The Greek headlines and the euro zone woes are keeping what little positive news in the shadows keeping the bulls on the sidelines. The headlines are like a snowball rolling down a mountain that’s now feeding on everything in its path until we get a break for the bull to step and ride oversold market higher markets around the world are in a sea of red. The bulls are evening exiting emerging markets as nothing is safe except for the U.S. dollar and the Japanese Yen.

The problem for traders going into the bottom half the trading week is the markets has dropped so far starting or even pressing shorts is risky and until the bulls see some clarity in the euro zone makes for poor trading excepting for some quick scalping hits in the FOREX currency markets.

On Friday the market will see the Facebook IPO but I have to take the side of the analyst question Facebook’s revenue source and coming to market in conditions we’ve seen thus far for the month of May, ‘d questioned how much speculation money is currently floating around.