S&P 500 - The correction from 1,065.79 is almost done

We are almost within striking distance of the ideal correction target area set yesterday.

So just lets get up to the 1,170 - 1,175 area (maybe slightly above), and the hard down in wave 5.

The moves from the ECB, EU and IMF is good for the Moral Hazard among the South European members of the EUR, but not for stocks in the longer term.

Moody's today said that they most likely will downgrade Greece and Portugal soon. No news in that, but it would and should be a wake-up call to the European politicians that they haven't fixed the problem. They have bought them self some time and thats all....