Market Update

You know, I remember now the initial or orignal Greek and other bailouts, they weren't that much different than this one with wild stories being floated and shot down.

Since the last Greek drama update, the Greek Finance Minister takes issue with the Bild story that they sent the wrong letter, who knows, BILD is a German paper and I suppose in Germany there's probably a stereotype of the Greeks being bumbling fools, but it didn't stop there.

Around an hour ago at 12:35 there was a new story floated, that the Eurogroup reached an accord. Then at 12:42 an "official" Greek Spokesman said he had no knowledge of a deal having been reached. Then it was "common text" was being agreed on.

The latest is that a 4 month rather than 6 month "DRAFT" has been agreed to with numerous items still to be negotiated, which is well, as it sounds, a draft.

The EUR/USD probably best tells the story...

The start of all of these shenanigans which still have yet to be officially confirmed, started at the white arrow. To my eye, it looks like the initial enthusiasm in the FX pair has lost some steam and there appears to be a negative divergence in place, I didn't want to draw the arrow across the entire (important) part of price action, but you can probably see it.

As for the averages, they look a bit mixed intraday, with an overall negative tone,  however our post yesterday, Leveraged ETFs / FAZ, looking for a pullback in FAZ is now exactly on track and interesting as well.

 SPY intraday is lagging a bit...

XLF did make the move that it didn't loo like it would make earlier today, the one we expected today from yesterday's post linked above providing a pullback in FAZ.

Speaking of FAZ, here's the intraday chart and initial accumulation in to the pullback, this set-up first posted yesterday for today, looks to be on track early in to the pullback.

The Q's don't look good at all here, I don't even have to draw it and ...

Nor does the IWM

HYG is also seeing an intraday negative.

I don't know that Op-ex and the typical max-pain pin and the change in the market at 2 pm will hold any meaning today with everything else, but we'll find out soon enough.

I'll post additional updates including FAZ if and when it looks to be in a buy position.