FXE (124.43) is leaking lower beneath its massive Head & Shoulders neckline at 124.75. The wave pattern may allow it to wiggle around at this point, but the trend is totally down. It is certain that the algos will try to milk any news about another European bailout, even though the ECB is out of funds and Germany is out of patience. Meanwhile the Greek police are trying to keep their constituents from stuffing their mattresses full of Euros. This simply cannot get any worse, or can it?

UUP (22.80) seems to be stalling here. Today is a pivot day and it is due for a small pullback. But the rally is young, so there is no need to alter our long position.

There is also no apparent need to alter the scenario in SPY (132.46). However, confidence levels would rise in our positions once SPY drops below 131.42.

As I said yesterday. Today may be a sideways day, since Wall Street may be motivated to keep investors calm going into the Memorial weekend. I would not put it past some very large investors to start bailing in the final hour of the day.

I may report back at midday if I see any new developments.

Regards,

Tony

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