Hanging On Europe

On the one hand the market is nowhere near a bearish extreme and we are still overbought. On the other hand there is a decent chance of some sort of a snapback rally after the very quick drop we have suffered. With the outlook mixed it is likely that the powers that be in the EU will determine the direction of the market for the balance of the week. I am of the opinion that they have little choice but to act. The only question is when. Have a good night.

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