After a rally this morning, the market was starting to weaken when news hit that the G-20 is planning coordinated action if needed following the Greek election. The news immediately spiked the market higher as elevated put buying and fear in the VIX added to the short squeeze. In addition, the U.K. and Japan announced credit easing plans as well. We are very close to a convincing break out of the top of the recent trading range and that may fuel further buying on good news.
