While the UK was enjoying another typically dismal Bank holiday, two things happened that may have turned the recent negative sentiment in the equities market but might just produce selling opportunities at higher levels.

Better than average consumer data from the US has diluted the view that we are heading for a double dip recession and the US equity markets showed gains of over 2% yesterday, that looks to reflect here in Europe today.

A merger by two large Greek Banks is seen as positive for Greece, probably the only thing that is in recent days, a small step on the long road to getting their finances in order.

The Footsie is currently looking to open over 1% higher but it is still a very dangerous time to buy stocks and shares in markets that routinely gain and lose 5% to 10% in one day.