This week started with Roubini joining the bull camp. Later he was followed by Fink, arguing we should be 100% in equities. The Warren Buffet said stocks is the only asset to own, and finally Biggs joined the short term top, proclaiming stocks will move higher due to the fact “nobody” is selling stocks, therefore we have had the low volume melt up. The Trader suggested selling while you can [3] two days ago.
Apparently, people have been waiting for Greece to reach an agreement. We are surprised people still believe in these fairy tales, as people in southern Europe hardly can agree on sharing a parabolic antenna. Meanwhile, below is an essential chart update of some short term charts.
ES fut, losing steam.
[4]
DAX 30 day 3min chart. Note the gaps (we outlined two days ago) and the fact market didn’t push the highs.
[5]
DAX day chart. This could trigger a nasty move to the downside. People have sold vol in an inverted panic. Could get rather interesting.
[6]
Stoxx 50.
[7]
MIB
[8]
Athens, -4,5%, back to dog status.
[9]
Charts, Infront