Spain, Italy, Apple and prom in Alabama

Remember when you were supposed to be freaking out about Greece and the EU crisis? These headlines are slowly starting to move their way back up the front page as the mainstream media looks to explain a pullback in the broader markets. Spain or Italy are what they want you to focus on next, apparently:

Spain’s T-Bill Costs Jump; Demand Solid

Spain’s borrowing costs almost doubled compared with last month’s treasury-bill auction, but it sold more debt than it had planned to in a sign of healthy demand. 6:33 AM

And to be sure, just as the Greece/EU-crisis did end up driving stock prices much lower in the near-term back last summer and fall but didn’t matter in the mid- to long-run at all, so too will it likely be with Spain and Italy as they process their own crises. Any EU-inspired market crashes over here will likely again be great buying opportunities. But we can’t rush getting there.

Speaking of which, let’s be objective about Apple’s recent action. You know how I always like to cite “dislocations” as excellent top indicators, meaning that when a stock or a market has made a huge, sustained upward move and then starts making daily 3% plus moves both up and down, it can be an excellent indicator said stock or market is putting in at least an intermediate-term top. Such analysis is certainly not infallible, and I doubt that Apple’s run to $1000 by 2013 is over, but let’s point out that Apple’s action is classic “dislocation at the top” kind of action. Something to think about.

And here’s something else to think about. I’ll be giving a speech this weekend at a ENMU-Ruidoso Foundation event about how important it is to give back to the community. Here’s Trent Richardson, star Alabama running back, giving back.

Trent Richardson takes Alabama fan and cancer survivor Courtney Alvis to her senior prom.