An hour after Chinese Premier Wen Jiabao dropped all pretense of working together for the greater good, markets around the world are reacting more notably than many would have expected. With most talking heads still clinging to the line about 'helping the Europeans' and missing the quid-pro-quo of it all that we so clearly intimated from his speech, expectations of a risk-on 'we-are-all-saved' reaction have been dashed on a beach of the-trade-wars-have-begun.
ES is -13pts from the day session close (and almost 20pts from intraday highs), having taken out intraday swing support levels around 1154.
