The conventional wisdom was not to take too much risk heading into the Greek elections. It seemed like a logical idea but that is what makes markets so tricky and challenging. This is the reason I rely on indicators rather than whatever idea sounds good. The fact that we were intermediate term oversold and market participants were positioned conservatively stopped me from drastically reducing my exposure despite how sound this advice seemed.
If the Greek elections turn out to be a non-event those same people might find themselves chasing the market higher on Monday. We will be short term overbought at the end of the day on Monday. It should be an exciting week. Have a great weekend.