The 2nd wave down is already on, just look in the right direction

While Wall Street is pushing higher every single day on the upbeat earnings, let's look what is going on on the other side of the Atlantic  ocean. Greek, Portuguese, Spanish and Italian  equity indexes are below.
Just wondering, if the size of US government debt ever become an issue, will the reaction of Wall street be the same as in Greece?

Is it it?

Great news, they have finally did it! Great news for the Euro bears in the long run, but a bit of pain for the moment. May be, again until 1.3850.
Meantime AUD/USD has flashed a big sell signal this morning dropping after a gap up  in the clear 5-wave pattern. We have missed by 16 pips  the Nov' 09 recovery high. Is it the end? Will AUD be joined by its peers CAD and silver in coming days?

Will Greece freeze Eastern Europe's credit markets?

Are we heading to the contagion of Greece problems to Eastern Europe and other PIGS? If even greek citizens don't believe in their country's financial system by pulling out their savings by billions, who ever will? In my opinion the game over for the whole region is starting to loom.

USD index: consolidation

It seems we have entered the consolidation mode on USD index. Our position comparing to the previous dollar's wave up is on the chart. I would suggest that the next wave up for the USD index will involve all major currencies as well as precocious mettals. May be, from the fundamental point of view,  it will be provoked by the change of FED's language after some signs of "improved" economy.