Looks like the phase low is beginning to take hold as planned. We still maintain and watch for a shake out soon. It is rather intriguing with timing of the announcements out on Friday regarding European downgrades. France and eight other euro-zone countries suffered ratings downgrades on their sovereign debt Friday, sparking renewed global worries over Europe's ability to bail itself out of financial crisis. Not good. More downgrades likely this year and next.
Greek Bankruptcy Threat Looms As Debt Restructuring Talks Break Down
We are looking for a close of last fridays lows to confirm a bearish sell signal and the beginning of the unraveling.
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