Major short-covering rally across the risk assets this morning is putting a squeeze on the haters.
I’m still a hater. I think we will see disappointment over Greece, a sub-par down payment on taming US deficits and more Mid-East turmoil between now and the end of the year.
Fading rallies toward 1.2845, the 38.2% retracement of the 1.3140/1.2660 drop with a stop above the 1.2877 looks the way to go in the near-term.
