Markets Focus On Greece

Article originally published on

Good morning. Futures have been volatile as markets react to the latest batch of headlines regarding Greece. Early on there was no deal, but headlines just surfacing as I post this suggest a deal has actually been made. Here are the headlines:

  • Greek political leaders agree on reforms (BL)
  • Weekly jobless claims fall 15K (MW)
  • Brent crude rises above $117 (REU)
  • World food prices jump (BL)
  • China reports inflation spike (REU)
  • Bank of England boosts QE (BL)
  • ECB holds rates unchanged (MW)
  • Copper jumps on China housing boost (BL)
  • Mortgage deal nears (REU)
  • U.S. to sue banks over bonds (WSJ)
  • Congress sees progress on insider trading ban (WSJ)
  • Countries reach deal on tax dodging (WSJ)
  • SEC backtracks on real-time trade reporting (BL)
  • Diamond Foods plunges on accounting fiasco (CNBC)
  • Cisco offers strong outlook (REU)
  • Akamai beats and shares jump (REU)
  • Visa profit beats, buyback announced (REU)
  • Groupon disappoints investors (REU)
  • Credit Suisse posts rare loss (BL)
  • BP seeks settlement of spill claims (BL)
  • Oracle buys Taleo (MW)

The market closed at new fresh swing high yesterday following some intraday volatility and two successful intraday reversal setups. As it has done every day so far this week, pullbacks in the morning are being used as buying opportunities (at least for the programs and daytraders who piggyback them) as dips back to the 5 day moving average continue to catch bids amid the ongoing uptrend channel.

S&P 500: Daily View

At this point, we’re certainly not far from that July 7th high at S&P 1356.48 which is considered the next resistance point if not already at the current levels surrounding S&P 1,350. For what it is worth, and it isn’t much yet, the closer we get to February options expiration week the price action and seasonal studies suggest increased risk for the bull camp.


About abwehra group

The Art&Science of Trading Gold
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