Berlusconi apparently will resign following approval of new budget law/austerity measures. As if the resignation of Berlusconi is the answer to Italy's financial troubles. Either way the market likes it in the short-term as the ES has now rallied a quick six points following the news.
ES has broken above the 1258-1262 resistance and looks like it will now hold above that level. There remains resistance at 1267-1272 above. As I have said, I expect choppy markets until ES tests the 1290 level or the 1180s. Seems likely the 1290s will be tested first...
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