Spain Downgrade leak explains DIA distribution
If you look at the FXE chart, it seems clear that the Spanish downgrade was leaked, the ES chart shows strong distribution before the Spanish news as well. Then look at the DIA chart, it would seem that the Spanish downgrade was leaked and smart money was using the DIA's price strength today to distribute in to that strength.
FXE... http://chart.ly/rerdnqx
ES... http://chart.ly/26c56eq
DIA... http://chart.ly/kxf4gwg