Now that the EURO is saved and Germany virtually is backstopping the entire EU, funding the Bail out fund and allow the ECB to dump their Zombie exposure into the fund, Mr Market took this as good news. (only the German Credit Spreads seem to disagree...)
The overall context on the other side develops some explosive structures. Our VIX_OSCs sport triangles that will resolve (normally with lots of Vola) over time and our VIX true Value Indicator shows some extreme bearishness. We're always alert when the Mr. Market refuses to follow through after a triangle break out like in the Vix true value chart.
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