9:00am (EST)

Blame it on Patron, got you in the zone, blame it on the Goose, gotcha feeling loose…

The bulls celebrated a little too hard following Tuesday’s rally as they failed to show up for Wednesday’s session with a hangover.  The bears applied the pressure right from the start and pounded the bulls all day and into the closing bell.  There was no attempt by the bulls to even get off the couch as the market wallowed in a sea of red all day

Futures were already indicating a weak open after less-than-terrific economic news, but the turmoil in Greece was like throwing gas on a fire.  Violent protests in Athens made the headlines midday after failure to reach any kind of an austerity agreement.  Prime Minister George Papandreou is certainly feeling the heat from the hot seat and said he would name a new Cabinet after talks to form a new government failed.

The Dow quickly lost its grip on 12,000 shortly after the open and fell 178 points, or 1.5%, to finish at 11,897.  We mentioned the mid-March lows might come into play this week and a break below 11,800 could lead to further selling pressure.

The S&P 500 drop a double-deuce (22 points), or 1.7%, to close at 1,265.  The plunge below 1,275-1,270 was a disappointment for the bulls as the bears look all but certain they will test 1,250. 

The Nasdaq fell 47 points, or 1.8%, and settled at 2,631.  The close below 2,650 was also negative as the index slipped below its 200-day moving average (MA).  Tech bottomed at 2,625 but it appears 2,600-2,550 could be closer than the bulls think.

We also gave specific clues on what to watch for this week in our Weekly Wrap as far as the S&P 500 Volatility Index (21.32, up 3.06).  The VIX surged 3% yesterday and closed at its highest level since mid-March.  We mentioned if a break above 20 occurred then we could test the mid-March lows.  Bingo.

Futures are indicating a lower open this morning.  Dow futures are down 5, S&P futures are up a point, and the Nasdaq futures are up 2 points.  Subscribers, check the Members Area for the updates.