Updated from 3:53 p.m. to include information about Friday's close, individual stocks leading the S&P 500 higher in 2012.
But whatever the headlines from the old continent, at least one chart watcher says the technicals are pointing to a good old-fashioned sell-off for equities.
"We believe the current stock market rally has ended and that stocks are vulnerable to a 3% to 5% pullback over the next four weeks or so," writes Mark Arbeter, chief technical strategist at S&P Capital IQ, in commentary released Friday. "Some of the major indices have moved very close to some of our key technical targets, and at the same time, we're seeing some frothy sentiment indicators as well as some very overbought price and market internals."
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