Lots of volatility ahead it appears - just enough to trap bearish and/or bullish traders. Still looking like we could get a flourish into early next week to wrap things up and being a longer 4 to 5 week pronounced downward cycle. I the mean time, my approach is to expect lots of conflicting forces to act on markets just from a chart basis. When you add Central Banks in full on panic that is an certainly another picture in the window. At some point soon, Central Banks will not be able to influence easily the outcome of market price discovery in the same fashion and instead end up contributing to an overall decline. The full impact of Greece has a few weeks to be discounted and it will be most interesting to see if ECB and other Central Banks can feign ignorance to their losses or better yet continue marking them as profits. In either case, the outcome is the same, these banks are gambling their credibility away and it seems that almost anything they do to attempt to retain credibility (with the exception of telling the truth) as high probabilities of resulting in loss of credibility and confidence in the short to medium-term.
Whichever way things end up playing out, medium-term odds are favoring a pronounced 4 to 5-week downward phase directly ahead - it could get ugly if inclined.