Some ugly action today after the initial pop from Spanish Bank bailout news. However, it looks like an inverted head and shoulders pattern forming that could be complete this Friday. If that is the case, it matches with the last trading day before the Greek elections. So long as cooler craniums prevail in the election, we would expect to see a big, multi-day rally from the combination of these two facts.
So, bottom line is that we are in no-man's land from a short term RUM wave perspective.. too far up the wave to start new positions, too low to sell and expect a decent profit.