Very Fast Changes

I was just capturing charts for a market update, the main notable feature was how the market had posotive divergences last week and in to the end of week and how much things deteriorated since the Spanish Banking Bailout announcement, it' as clear as day. I was capturing my last chart and the IWM 5 min just jumped before my eyes.

I'm guessing this is Euro related as the Euro is moving and as I mentioned last night, the Spanish bailout announcement was a major screw-up as it took a bad situation and made it worse, meaning by subordinating Spanish debt /bond holders, the yields on Spanish bonds are going through the roof, meaning they'll be locked out of capital markets and need a real bailout, not just of the banking sector, but of the entire country-all that from one well intentioned announcement that was suppose to give the market confidence. Last night I also mentioned, "Watch for news from the EU as they try to undo this screw up".

I haven't seen news, but I suspect some will be coming shortly.

Here's what the market looks like now which is a bit different then when I was capturing charts for the market update. The QQQ/IWM virtually skipped right over the intraday timeframes to the 5 min.

 DIA 1 min responding, but it didn't see the same move as the QQQ/IWM

 DIA 2 min bleeding through as you'd expect.

 IWM 5 min just jumped leading positive

 The same with the QQQ

 SPY 5 min is moving as well, but again not to the same degree.

Take a look at how quickly the 15 min Euro/FXE chart changed.