EUR slaughter due 1.30 breach (Update 1) - watch stocks for any catch up 'flash crash' selling

Europe is in trouble. If Greece get's another downgrade that would mean the the peripheral and core European countries plus EU/IMF have been unsuccessful in stabilizing European bond markets and the EUR.

That and the 'core' European countries bond markets are looking bad, please refer to Swiss Franc buying in Euro Zone bond end yr panic sell?

*note the widening divergence of the Dow and EUR in relation to correlation trades, particularly the 1.30 breach that occurred on May 6th 2010 (flash crash). When the Dow was 'ping pong' selling off the EUR, as the Dow dropped from 10,879 to 9,896