Well, they market tried and it would be nice if there was a rip roaring short covering rally after the 1000 point move lower in May, but it seems “the market” (i.e., the traders that really move the market) would rather be short at 1.2420-40 , than long at 1.2420-40. Moreover, the longs who have been hurt bad in the trend move down (even since 1.2623 break of the January 2012 low) probably feel the same way.
Sure there may be QE3 or some derivative but it is not like the other nations of the world won’t feel inclined to do the same. Same-Same. So back to the very beginning which was the EU is in worse shape. Stocks down -209 in the face of more QE kind says it all – T-R-O-U-B-L-E
The close from yesterday came in at 1.23643. A move below that level would not look good.
