This morning, the market blasted higher on continued chatter about some sort of Euro-TARP and quarter end optimism. SPX turned down in the upper end of resistance zone 1190-1195 as news rolled out that the most recent Greek deal might be in trouble because private investors are balking about the size of the hit they are willing to take. Breadth was 4-to-1 positive but weakness continued in some of the big-cap momentum favorites including Apple, Amazon, and Chipotle Mexican Grill. Today the markets put in a lower high, but in the process relieved some overbought pressure, so we will see what this leads to.
