A.M. Update

Has the market finally been Greeced? At a finance ministers meeting inRiga, Latvia apparently the Troika/ EU Finance Ministers absolutely hammered Greek finance Minister Varoufakis, calling him a gambler, an amateur and a time waster. From what I caught up in new's sounds like the Greek matter will not be taking up again until the regularly scheduled May meeting. Apparently there was some hostility as well as Greek Prime Minister Alex Tsipras approached German Chancellor Merkel and French president Hollonde out of summit on immigration. Apparently pulling them aside and trying to circumvent the finance ministers which is not within their authority. All disbursements must be approved by finance ministers. This further inflamed the situation and it now looks like, as it has always, that Greece will default and perhaps the market is taking note of that.

Yesterday I said I was not impressed by the breakout move as far as head fakes  go and that is because they are meant to touch on emotional extremes that's how they move the market. At the same time I'm not sure the market has much more left in it to do any much better. I don't like to call tops, I have no authority to call tops. I tell you what I am looking for in a top and I let the market tell me when it is near top.

After going through futures this morning, the things I am looking for in a top are there. Remember I said I would be looking for 7, 10, and 15 minute charts to all good negative on index futures. We are there.

Here's an example of the charts I was looking for since the April 2 forecast for topping situation.

 ES 1 min

ES 5 min

ES 7 min

ES 10 min

ES 15 min

The head fake move has at least been made. I don't know if it has more to offer, we'll have to watch the charts during the day, but this morning is the first time that all the time frames I am looking for, since April 2, are in line with my expectations.

I may be very busy today looking at trades to put out if we are indeed where it seems we are. If that is the case the trade setups will look just as bad as the market which is easy confirmation.

Perhaps the market is finally coming to terms with the Greek situation which will make Lehman look like child's play.

More shortly