Once again, the S&P 500 Index e-mini futures (DX Z1) are coming under tremendous selling pressure, the futures are trading lower by 21.00 points to 1131.25 per contract before the opening bell. The selling pressure comes as the European Union continues to unravel. Greek bond yields are surging sharply higher indicating the likelihood of a default. Many investors and traders believe that the fate of one European nation will create a domino effect of defaults across the Euro-zone. The one country in the EU that is solvent is Germany and today the German DAX is trading lower by nearly 4.00 percent. At this stage of the game, the Germans seem to be preparing for a Greek default. Stay tuned as the problems in the European Union seem to be growing by the minute.
