Market Update

Considering the "Headline" news, essentially, "Greece has been saved", the European and US equity markets are severely underperforming in what is being called a "sell the news event". I don't think this has anything to do with sell the news in a positive news sense, rather sell the news as it is devoid of any real substance as we have seen so many times before with EU plans and meetings.

 The QQQ in red is underperforming the SPY, the SPY is at a .32% gain on the day and the NASDAQ 100 at .26% gain. The NASDAQ Internals are more disturbing then its performance with NASDAQ advancers just barely beating out decliners at 1260/1255.

 The QQQ intraday

The Russell 2k is also underperforming (as you know, the R2k should be a leader in a risk on move) at a .01% gain or virtually unchanged.

 This is the Dow-30, not the DIA, as it passed the psychologically important 13k level, note there was no volume on the move and it could not hold it.

 The DIA intraday seems to show a strengthening negative divergence precisely when the Dow crossed 13k. The lack of volume is very curious, it's as if it was left to retail alone.

 The IWM 5 min chart continues it's downward slide, both in 3C's trend which is more clear and the general IWM trend.

The IWM 15 min chart looks pretty bad here as well in the same area.

 Here's the IWM intraday chart, again the divergence strengthening as the Dow crossed and lost 13k

 The QQQ at the same area also saw a significant leading negative move at the exact same time.

 The same chart zoomed out shows the same action as the IWM, although it is sharper here because it is a more detailed 2 min chart.

 The 15 min chart looks worse then the IWM's.

The SPY intraday negative divergence did the same thing as all the others at the same time, when the Dow crossed and lost 13k.

The Tick chart, which is very reminiscent of the NASDAQ's Advancers/Decliners, is starting to see a little more volatility around 12 p.m. with a +1000 and negative -1000 reading, but by and large is still hovering around the Zero mark. As a reminder, the TICK is all NYSE stocks ticking up less those ticking down.