The Euro can drop, but the S&P marches on. I can talk about divergences between markets that have been strongly correlated over the last year, but how about a few interesting facts.
Fact 1: 9% of S&P 500 sales go to Europe
Fact 2: The Institutional Investor survey is putting the bull versus bear ratio at highs
Fact 3: The Baltic Dry Index (Shipping prices of bulk cargoes) has been falling quite rapidly
My take: Front month VIX futures are getting cheaper by the day.