Closing Brief - hyper last hour ramp

Urghh..a nasty and twisted closing hour. It would appear that Merkel 'cancelling press conference' is now the best news ever!  Clearly, we've seen a hyper reverse cascade UP, as the bears cover..and even some panic buying by the bull lunatics.

This nonsense changes nothing, although it IS a problem for the monthly cycle, where I would still want to see <1305 by the Friday close.

The closing hourly cycles....


IWM

Dow

Sp, 60min, H/S chart

Summary

Nothing has changed. This latest closing hour madness is just a symptom of the idiocy..and sickness inherent in the mindset of the bulls. The cancellation of a press conference, and thats now touted as 'good news'.

Idiots.

Those buying into this rally will get nuked in the days ahead.
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Ohh..and Germany is now probably less likely to want to bail out Italy.