After a big drop at the open, the market jumped again on news that Greece was close to reaching a deal. I am not sure what has happened to all the other deals that were reached in the past, but we continue to rally on rumors. Big cap technology charged ahead, with small cap lagging and breadth 2-1 negative. With the Fed announcement on Wednesday afternoon, the bears will have a hard time pursuing shorts. However the futures are down due to an Italy downgrade by S&P. Will the downgrade be shrugged off again like the French bank downgrade by Moody last week? So far after hour, we are holding the morning low
