Dow 30 Jul 02 to Jul 06 OutlookBy on 2012 Jun 30 Sat 7:05:26
Total collapse in the beginning of the week. Yet formed a double bottom from there and zoomed back up to previous week close. Failed from there and gap down to week low again. Right before we get to witness a major selloff, news shock came in and trapped every single bears. Once gap above Y-0, nothing can stop this from going up to Y+1. Closed the week at week high.
News driven environment coupled with month end dynamics exaggerated every swings last week. Such messy environment is rare and this week should calm down as the dirty details of the euro zone deals will take at least couple of weeks before they become problems again.
Given the explosive rally we had last week, bears giving up points to B+2 in play.