Like I said yesterday, .20 was a 50% retrace of the rally, which is common for an Elliot wave 2 or B wave, Fibonocci number (.50), now it should form a trading triangle between .28 and .23 area next (based on .5 Fib retraces), unless there is more going on. If it (or when it) breaks out to .29-30, look out overhead!!!!!
We should see an 8-K soon, announcing an extension of the merger deadline, which may push us up into the 30s or higher.
With the S&P 500 down 5% in 48 hours this week (mon, tue) on the Greek Tragedy and other bad market wide news (MF Global BK), it was only to be expected that we would see a sell off yesterday.
Late today the FED reports (2 pm EST?) and we will see some wild gyrations in the market the last hour as a result. This is likely to be a volatile week based on Greece and Italy, that we may get dragged along with.
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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