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I was hoping that we would see much or all of the move to the triangle target on Friday as otherwise I feared that SPX would gap up into the target on Greek news. Annoyingly that’s what happened so the Greeks ate my lunch again.
Is the Greek negotiation saga finally over? Well maybe. The deal struck however is harsher than the one rejected by the Greeks in their referendum two weeks ago, and it remains to be seen whether Tsipras can sell it back home.
Greetings from Orlando where, as is almost always the case, my family is frolicking and having carefree fun while I’m dealing with stock market nonsense. It’s my preference, actually, but I can’t help gaze out the window jealously from time to time, since most of the world isn’t dealing with complete sell-outs with Tsipras stabbing his countrymen in the back and bending over to the EU hoodlums. Harry Potter rides sound a lot more entertaining.
I had mentioned the gap being filled. Strictly speaking, that isn’t true yet (unless you count the collective rectum of Greek citizenry). On an intraday basis, which is what I use, the gap is at 2095.50 (shown below on the ES chart as the horizontal red line). For a few weeks, we were stuck in the Greek Equilibrium, let’s call it, and now we’ve escaped.
I came into the morning relatively light, and my bias toward energy and precious metals shorts is taking a lot of the sting away (MWE notwithstanding, which I was short, and which gapped higher). I intend to start re-entering good positions now, though, and increasing my risk in the face of this capitulation.
Can we all agree to stop talking about this idiotic Mediterranean country until they actually default for real in a few months? Thanks.
