With leading economic indicators appearing bleak, the outcome bodes ill for the broader 18-country Eurozone and Germany in particular.

Slowly but surely, all those cans that many hoped were kicked indefinitely into the future, are coming back home to roost.

We’ve made no secret about our bearishness on certain cloud stocks. Over the past several months, we’ve featured Callidus (CALD), Netsuite (N), Salesforce (CRM), and Tangoe (TNGO) in the Danger Zone.

Sleigh bells ring, are you listenin'? In the markets, the Dow is glistenin'...and so are the other major averages.