EURO and Main stock indexes are still in strong daily uptrends and manage to move a few points higher day by day.

DOW got a new intraday high on Wednesday at 12.907 only 16 points from 2011 high at 12.923. Today at CET 06.30 a new upside test trial have started to test the current top again. The EURO and SP500 are also on their way to test Wednesdays tops.
Investors seems to just wait, not trade. Only a few stocks have been lifted the last few days, for instance Apple. To me this cannot go on and on so I am still looking for any weakness in these slow up trends. Greece is still he main problem and a reaction must come soon by the markets. From the big perspective I see no fundamental reason for the Dow to take out the 12.923 top because the fundamentals are not there to support a new high. The world economy is not better now compared to May last year when the top was set. The outlook for 2012 is not better either. I still think the Dow will make a double top and then fall back to 2011 lows. The problem is when this will start. Every time the 2 hour trends turn down I advice caution. There are lots of other indicators, for instance German Schatz bonds that in my view cannot go higher which means that bond yields can turn upward quite soon.