U.S. equities give back some ground after a week of Turkey God driven rally.
Currently, the DOW is off 10o. Most of the downside can be attributed to continued worries over the fiscal cliff and that Europe is meeting for a third time to try and resolve the Greek financing problem. Everyone in Europe except the Greeks are against writing down debt.
Spanish elections in Catalonia have elected the independent party which is causing some speculation as to the future of bailing out Spain as a whole. This has caused European markets to accelerate to the downside.
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