$heff's $tation of $tocks & $olid DD

[martych]

perfect example of old adage...news trumps technicals. Market looked ready for some dark days and than EU finance recap intent comes through and market turned on a dime.

MOMENT OF TRUTH

Schaeuble said the 27 EU ministers agreed to report by their next monthly meeting on the situation of banks in their countries and planned measures to protect them.

The decision came after euro zone ministers postponed a vital aid payment to Greece until mid-November, setting up a moment of truth in the long-running debt crisis.

Greek Finance Minister Evangelos Venizelos said the country had enough cash to cope until then and insisted that ministers are not preparing for a Greek default, despite the ominous delay.

"There is no discussion of default," Venizelos said.

http://beta.finance.yahoo.com/news/euro-zone-considers-making-banks-094253791.html