The news-flow headline risk and downside market pressure has been non-stop and unrelenting, culminating with Sunday nights CNBC “Markets in Turmoil” show where Cramer told us “to not touch a thing here”.

Almost every market, save Treasuries, has been wildly oversold for the past few weeks as the downside pressure had built. It began slowly at first, back in early April. It picked up speed on April 17 near SPX 1395 and has picked up steam over the past few weeks as the Euro Credit Crisis has gained steam. It is by no means over, but rather, being “talked about” by the Powers that Be.

I’ve begun to talk about quality European Companies, just as we are told to keep away from them. I also appreciate stocks whose fundamentals have not changed much yet has been halved in a month or two (not speculative).

Look, we’ve talked about how the market had priced in another FED rescue, near the market’s peak, because it wouldn’t correct in the face of obvious economic weakness. Then the Euro thing happened again and liquidity was needed. Again. So everything got sold. Again. And as soon as prices dropped, the talk of a stimulus guarantee began to circulate. Again.

Today is a picture perfect countertrend day to last Friday when markets begged for any scrap and Jawboning was nonexistent . This week the Jawboning is coming fast and furious and its just what the market needs for the first summer counter-trend move.

Soon you’ll hear about new and massive intervention to save the world, because it needs saving. Think about that as we make back about half of what we’ve recently lost. Enjoy!