Agreements, Deals, And Yawns

The latest Troika agreement is that Greece will somehow have a debt-to-GDP ratio of 124% by 2020. What a joke.

The Troika is yet another committee made up of bureaucrats doing nothing while their mental constructs keep them from seeing reality. The reality is that a One-Europe government will not work. Yet because of the inability of the bureaucrats to admit it, real solutions are never implemented, only stop gaps.

There was a yawn over this latest Greek "deal" last night, but I still think the market wants to stretch a bit higher. Whether there is a dip to the 1384 Fib area from current levels I have no idea, but I would be a buyer there. It's looking like 1433.38 may be the next target higher.

Two possible targets just below it could be the 1425 area. There the 50-day MA coincides with the 61.8% Fibonacci retracement from the Nov. 16th lows measured from the 1474.51 high.