Morning Corner 6.22.11

ATHENS (weekly info)
-no change (below mid)
trend=down
low= 1252.38
rev= 1356.24; mid= 1304.31


This move higher doesn't look too promising. Ok, so Greece had a successful vote of confidence. Note the first three letters: CON. Next week they'll have a successful vote on austerity. But remember it's not what you say, it's what you do. So don't expect anything to be implemented. The index is still trading below all of the SMA's, the weekly 3LB mid and the monthly 3LB mid.



EEM (weekly info)
WEEKLY CONFIRMATION new low 45.79
trend=no
direction=down (2 bars)
low= 45.79
rev= 50.17; mid= 47.98

Emerging markets will be struggling to stay above its monthly 3LB reversal this week and next. It's below the SMA(21) and the second trend line (5/21/10-2/25/11). So far this week is making a bullish piercing but last weeks candle wasn't long enough (for me). A break below the March 2011 low of 44.25 could turn into free fall.



EMB (weekly info)
-no change (below mid)
trend=up
high= 109.04
rev= 107.72; mid= 108.38


EMB appears to be holding up better than EEM. It's above all of the SMA's. It's back above its weekly 3LB mid. Also well above its monthly 3LB mid. Odd. I guess the bond traders think all will be fine after the smoke and mirrors.