People are getting more and more bullish again. Regarding the put/call ratio we are getting close to a neutral level again. Europe - Greece, Italy and Spain - will decide when markets are ready to move higher. Politicians are working on a solution for Greece. They are running through scenarios with Greece going back to the drachma. I'm pretty sure that fear will be back soon putting pressure on Italy and maybe Spain. For the next two weeks I see more of a sideway pattern before moving higher. However we won't see new lows; 1200 should be a good support. Monday might be an important day as Italy will issue new bonds...the market will be right :)
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