Yesterday’s fab short-squeeze rally was about what we might have expected, considering that Greece supposedly was finally about to go under, and that the redoubtable Art Cashin was kind of expecting a crash. Bearish expectations are all the market has going for it at this point, so we may as well sit back and let the bad times roll. Most immediately, that will mean ignoring this vehicle for the moment, since it ended the day with a fourth-rate cliffhanger in the form of a rally that failed by a tick to exceed the look-to-the-left peak shown in the chart. My bias for the very short-term is bullish nonetheless, but I’ll leave it to camouflageurs to make hay.
