Panic Bottom

The pictures of the Greek riots and the euro near 1.28 is probably about as close as you will get to a panic bottom in this market. I think we have seen the lows for the near term and we're going to grind higher, albeit slower than previous bounces into 1200. I think shorting for more than daytrades is dangerous here. I do think though that today's action will be capped at the overnight highs of 1175 so if we get there, it could be a daytrade short opportunity.