In a Timeframe State of Mind

http://www.youtube.com/watch?feature=player_embedded&v=p04TYk4j0zQ#!

To quickly update our ongoing look at the developed, non-U.S. economies in the EFA ETF, the weekly chart shows us that the recent consolidation for large, mostly European firms has been a good one. The bears have yet to sink their claws into the breakout above the well-defined $56 area, and price is working on a weekly bull flag.

If you are using Europe as some kind of a tell, then this chart tells me to stay patient with a market that is short-term lethargic, but resist the urge to call a major top going out several months.

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