Some bad news out of Europe .... How will this affect the opening bell in North America ?

The IMF and EU suspended on Saturday a review of Hungary's funding program, set up in 2008 to save the country from financial meltdown, saying it must take tough action to meet targets for cutting its budget deficit.

Suspension of talks means Hungary will not have access to remaining funds in its $25.1 billion loan package, created by the International Monetary Fund and European Union and which it now uses as financial safety net.

Australia market is down 1.5%
Japanese market is closed for a holiday
Hong Kong market is down 1%
Shanghai market is currently up 1.6% (on comment that Chinese Central Bank can achieve 3% inflation band. Can you say Bull Shit !)

News just out that Ireland's credit is being downgraded from Aa1 to Aa2 because loss of financial strength.
Credit spreads will widen and banks will tighten their grip on risk for the trading desk.
I think I smell a liquidity problem unless the EU and IMF open up their wallets again !