5.22.2012

Both cable and fiber had a Judas up and then went south on "news" that Spain's bond offering did not go well.  Risk on became risk off.  In reality the banks knew they would go short the entire time, they just use news like this to really hammer it down and take out any stops before anyone can react.

Price is now sitting and consolidating at the levels I had posted last night.  As of right now there are no technical reasons to get in to this market.  I will sit on my hands until the picture becomes more clear.

We do have SMT divergence for a long and at the same time dollar is showing some strength against the fiber.  (Fiber, the green line, has made a higher high while the dollar, the red line, did not make a lower low)