EURIBOR RATES BEGIN TO RISE ACROSS THE CURVE - CAUSE FOR CONCERN?

I've been in pretty good sync with the market lately and have been trading well.  It seems that for this last cycle or two I've been able to capture rallies and short swoons at the best time.  Even now, I've ridden the last 6% move in the market here and have been quite bullish.  Just as I say those words though, I'm quite certain that we are bumping against the 1130 to 1150 range that has been difficult to exceed.  Call it pervasive bearishness or just the trader's mentality to want to exit when I have profits, but I spent last night and this morning looking for short-term signals that the wheels of the rally could be coming off.  Perhaps this is a hint that something troubling might be coming to slam this rally back down to the lower end of the range (1040).

Please click on the Euribor rates below.  I look at these figures almost every morning and have not seen a consistent move like this in quite a while where every time frame ticks higher (meaning the banks charge each other more to borrow).  Before we put too much stock in this we must marry this with the comments from  the Greeks that say they will not default (when do you trust the Greeks?).  The no-default scenario would obviously be a good thing, so I remain watchful and glad I've got some profits, I'm not selling yet, but am vigilant.

Above is a quick snapshot of the S&P500.  Is there any wonder that I'm watching that 1130 range, it has held for the last several rally attempts, why would it be different this time?

GOATMUG