If you were expecting a snap back rally you’re going to have to place that want on hold. Wall Street is on edge as it eyes the start of earnings season. Alcoa is first up after the bell. This will give a tell as to whether the recovery is still in an upward trajectory or if it is faltering. Recent data points show that it may be faltering slightly.

Europe is still an ongoing concern as the sell-off in the EU continued into the start of their holiday shortened week. Italian and Spanish bond yields continue to rise, which is fueling the fear that the sovereign debt crisis is not only unresolved, but spreading.

Currently the Dow is down 68, near session lows, the Nasdaq is down 8 and the S&P is off 6. [Read more...]