This week is probably a week for keeping heads down. Turnover in the European market continues to drift lower, with the three-month trend running roughly one-quarter below its mid-April peak.

The market continues to focus on the lack of yield in the euro-zone, keeping the euro on the defensive.

The market has become interested in European affairs and there is probably a certain amount of investors out there who question the long-term feasibility of the EU.

If you have lower than a ten percent turnover, there is a problem. And if you have higher than, say 20%, there is a problem.

The stock market is a forward-looking beast, and that's why we are seeing futures dip lower even amid some very strong reports, such as the ones from financial institutions.

The market next week has got to prove itself. The market's got to digest this and turn higher over the short term, otherwise we're going to go back to test the 8,400 level on the Dow, and about 890 on the S&P 500.