The German DAX is broken from a trend perspective; it would have to get back above 11,741 to reverse this. Currently the DAX has immediate downside risk to 10,770.
Whether or not you believe the Greeks are going to get something done, it's important to remember that the entire free world of market participants are long the concept of the next central plan having upside as oppose to downside – but what happens if they don’t get it done?!
From here the asymmetry is to the downside. You can buy Germany, but you don’t have a lot of upside vs. downside.
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