My view on the direction remains the same and we are still working the flag downwards. Tomorrow is an important vote in the German parliament and might give us a more decisive move in either direction. The last weeks have been filled with rumors of a Eurozone fix, I'm not sure what that might be.
At the moment, as an analogy, it seems to me like German taxpayers are being asked to purchase Greek homes that don't pay any rent (read bad bonds). Thats probably an oversimplification but catches the jist of the situation. The chart below is an updated version of the one posted earlier, be careful in case the vote fails that would result in aggressive selling, much stronger than we have seen these last few weeks.
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