Europe is forgotten

Stocks rallied well.  I felt we would start to decouple from Europe and this was a good move.  It is possible that we are the start of a very good market and if you miss the boat it is hard to get in - I am still out.  My EUO trade is running against me.  Normally I fade a hard move and that gives me comfort to let things run against me because more often than not there is a reaction back in my favour.  Here I am fading a correction from what was a good down move - it is a much more risky trade because if I am wrong I am really wrong.  So what is next ?   If I am right we are headed to 1.29 FAST if I am wrong the market will work its way painfully up to 1.43 or so.  So we will give it a chance over night and even watch us go North of 1.39 for a while but after that my stops will be close and I will try to limit my losses.