NEWS STILL SELLS

Go back in the blog post.  We talked about how Greece would not go away, however it would be resolved.  All looked good going into the Euro zone market then the comment (paraphrased)  " We will have a solution but not by..."  Market over confidence shattered, so take some profit. (we discussed this too.  Investors getting back to a plus will take profit and reorganize their holdings).

To understand today, you had to look at the global picture.  The market PA went below the EMA around 5:30 AM EST.  If you prefer the rth charts, you would see PA at the lower range and showing weakness.  Either way, it was a sell day with an early MAXT and the EMA acting as resistance.

For our subscribers, the failure to break the upper range followed by the EMA cross of the MB and the lower range, provided more support for holding short for the BO10 15 variety.