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Thursday, February 11, 2010

E-minis [Update 7:41AM]

[Update 7:40 PM: Markets are hanging tough.  You can see the huge battle being waged on the e-mini all hours since the low last  week.  Tug-of war and there was no sell the news event just yet.]

Still trudging to the channel line.  Overnight news on Greece produced statements like this:

Early Thursday, Reuters reported -- citing an E.U. government source -- that the leaders would take "determined and coordinated" action to aid Greece.
"Resolutions at European Union meetings (like the one today in Brussels) can favor a 'relief rally' on the equity market," said Tammo Greetfeld, strategist at UniCredit.
Usually statements like this result in the opposite happening.  I would expect, if the current wave count is correct, (iii) of [iii] of 1 down, that any official "rescue" of Greece will be met with the biggest "sell the news" event of the year. 

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