Stocks and a slew of other risk assets were relatively quiet after Greece missed its latest deadline for a second bailout package from the EU and the IMF. From our point of view, the major averages confirmed their latest rally attempt on Tuesday 1.3.12 which was Day 9 of their current rally attempt. It was also encouraging to see the S&P 500 break above its downward trendline and its longer term 200 DMA line. Looking forward, the S&P 500 is doing its best to stay above its Q4 2011′s high (~1292) and now has its sights set on its 2011 high near 1370. In addition, the bulls remain in control as long as the benchmark S&P 500 trades above 1292 and then its 200 DMA line.

Greece Misses Deadline For Second Bailout Package:

Before Monday’s open, stocks in Europe fell after Greece missed another deadline to receive a second bailout package from the EU and the IMF. Greek officials were supposed to reply by noon in Brussels to the European Union on new and difficult terms for a second bailout package.