Combine one part meaningless press conference, one part unfounded rumor and two parts goal-seeking algos and you end up with a 19-pt ramp job overnight.
The Greek situation remains volatile, though it seems pretty clear that deadlines will continue to be extended until TPTB can announce something they consider a “success.”
Friday’s drop easily tagged our initial downside target and within 4 points of our secondary one. At the current pace, this morning’s ramp is likely to undo all that downside.
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