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They came roaring out of the gates, all excited that some form of "plan" was in place to kick the Greek can down the road. However, the heads of Europe are quickly denying any deal has been made and even Diesel-boom himself has said "the discussions with Greece haven't even started yet"
That took some of the steam off things, as we had seen the DOW up around 115, and by 10 am it was up about 65.
By 10:25 we'd been down to just + 52.
The XLF which is the ETF for the financials is hanging on for dear life. The 50 day moving average is at 24.13 and it is sitting at 24.14. The IWM which covers the small caps is down about 50 cents, which is "significant".
So right now it is evident that the Greek rumor saved the day, but it hasn't given them the firepower to push us substantially higher.
I hate being held hostage to rumors and manipulation. But that's exactly where we are. If you enter a position, and we hear any really stern language suggesting that there's NO Greek deal coming, we could fall like a rock. If we see another "rumor" floated we could gain 200.
That's not the type of investing environment I enjoy.
oil is pulling back some here today, and I'm going to jack the stop up on ATW to 32.65, which is still a full dollar lower than where it is trading at right now. If you think oil has more to pull down, there's no shame taking your profits, right now at 33.65.
The DOW is up just 37 as I type this.... the fade continues.
My suggestion is to be wary of this day.
Let's look at AAPL. It gapped this morning, and got headlines as they sold gobs and gobs of bonds that only pay 0.28% for ten years. It must be nice getting free money. But my point is that they were at an all time high this morning before the pull back in the market. If they exceed the morning high at 121.27 it is probably a safe trade. I'll wait on 121.30 before I get involved.
I think we might get some more volatility after the lunch hour, so lets see where we are after that. Yes it is true that when Europe closes at 11:30 we'll probably get a bounce, but it might not hold through lunch. Let's see where we are then