ECB President Mario Draghi left rates unchanged and expressed a lot of confidence in the press conference. In a last moment statement, Draghi also left the door open for an ECB contribution to Greece. Unfortunately for Greece, it first has to comply with the troika’s demands and pass harsh austerity legislation, before it is awarded any help.

Here’s an update on technicals, fundamentals and what’s going on in the markets.

In the US, Unemployment Claims, weekly report to value the unemployed that filed for insurance, due to reduce by 10K from the last month down to 389K.

At first, things were looking good for the euro – the single currency enjoyed Draghi’s confidence regarding the success of the LTRO operation. The aversion of a credit crunch is far from certain, after Friday’s events. France lost its perfect AAA rating, together with other euro-zone countries. In addition, Greece is on the brink of default after the talks about a haircut broke down. Will the ECB replace the private sector and take a hit on Greek bonds? Greek banks are in worse shape than estimated. Together with the breakdown of Greek PSI talks, the Greek troubles are not priced in. While Germany and Spain look better (and this pushes the euro higher), Italy remains in trouble, Portugal moves closer to default and Greece is widely seen as defaulting.

In the US, Unemployment Claims, measures the unemployment insurance that was filed on the last month, predicted to rise by 8K up to 389K

The ECB cut the rates and helped the banks, but didn’t provide the big bazooka to help solve the struggling indebted countries. In addition, the EU Summit provided nice promises for the future, but no immediate relief. Will the Chinese come to the rescue once again? There are too many doubts.

Here’s a quick update on technicals, fundamentals and what’s going on in the markets.

In the US, Unemployment Claims, important sign of overall financial health that measures the unemployment insurance filed on the last week, rise is expected from 397K up to 401K this week

The Greek referendum was born at the beginning of the week and was buried towards the end. It definitely weakened the common currency, together with acknowledgement of a recession in the euro-zone and the rate cut. After the Greek government survived a confidence vote, some of the focus shifts to Italy, which has its own political mess and with its yields, long term and short term at scary, almost “bailout level” highs, despite ECB intervention.

In the US, Unemployment Claims, weekly measurement to value the persons that had filed for unemployment insurance, rise is expected from 401K on the last week to 407K now.