Looks like the 'expectations' post was pretty good. Greece voted in the austerity, and the SP500 closed above the 28/32 SMAs.
IMO, the market is now transitioning to make these the support for a positive trend. We may see some follow through, but the 62SMA should be resistance. The market seems a bit spent here, after the last few rallying days, and we may have to wait for earnings to act as the fuel. (Unless the jobless claims tomorrow are kick-ass, or the macro economic data provides the fuel. Reversing the 'top-down' debbie-downers.)
About a month ago I highlighted the major systemic threats that could derail the market in my 'no boom-boom?' post. For the time being, investors have a sense of normalcy from the various systemic-events that place fear in the market. The only real uncertainty left, at least until Europe festers again, is the US debt ceiling. (Even though Europe is festering, I think very real progress is being made and the structural/productivity improvements, that should have happened years ago, will make Europe a very interesting place for investors and make the Euro a legitimate global currency.)
The action in the 10yr also suggest the biased is now toward the equity markets again.
Obviously it is in a negative trend, but the action is encouraging toward a shift in attitude.
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