The recent rally does not look strong enough with low and decreasing volume and with yesterday not being a 90% up day. The 200 DMA was not really touched, also. Thus, I am not ready to buy pull-backs yet, but a decisive break above 1295 SPX would mean the current multiday range is resolved to the upside and would make me start going long.
Wednesday, June 29, 2011
Update
It looks like the Greek parliament has adopted the austerity plan, which means no Greek default for now. I will be more confident holding longs from here.
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