TREASURIES ALSO IMPLYING AN INTRADAY BOUNCE

I was really hoping this Greek thing would be settled today so we can get on with it and see what the underlying action looks lke as we move toward the FOMC announcement. Now Greece says there will be no official announcement, that doesn't preclude leaks and insider trading which we'll be watching.

TLT is the long 20+ year treasury bond fund, it is a risk off trade or a safe haven trade, so when the market is down or going down, TLT rises for the most part.

 You can see the price gains in TLT on market weakness today as we expected, however we also have another short term negative divergence suggesting some kind of bounce.

The longer term charts are showing a very positive 15 min divergence, implying further market weakness as far as the bigger picture goes. At some point we'll also have to be looking at TLT for some hint of what the Fed may do on Wednesday's FOMC announcement.