Market Update...

Unless Op-ex is in play, I'm starting to wonder why at this point, a dip to trap short would be needed. It's been a tricky market today with the Euro getting support from the Merkel, Sarkozy, G-Pap joint statement refuting claims of Greece's imminent departure from the EU, not to mention the Chinese saying they are going to be investing in Europe today.

 Here's the FXE which wasn't looking very good earlier, then the joint statement lent support, but it's still looking like it wants to slip.

 The DIA went from negative to crawling back to in line with a slight negative recently.

 The IWM 1 min has been in a running negative with the Q's

 Here are the Q's in a running negative, meaning this is distribution, remember the long position Wall Street acquired has to be sold into demand to keep prices up, look at tech today.

 This is semi conductors, up 2.55%-distribution in to demand.

 And the SOX up 2.59%-Wall Street was in the Green yesterday by a wide margin, this is the cherry on the top.

And some slight negative action in the SPY which also clawed back o in line status. I suspect we'll see some running negatives divergence on the 1 min hart here as soon as financials rotate.

All in all, it's still good for the long we accumulated on 9/12. The picture of sector rotation I showed earlier is why I use broad coverage rather then specific sectors when we have these types of bounces and the leveraged ETFs are a good choice in this situation.