11am update - the loss of Varoufakis

US equities are back to flat, having seen a sig' bounce of 0.9% to 2076, from the opening low of 2058. USD is cooling from earlier highs, +0.1% in the DXY 96.10s. Metals are naturally clawing a touch higher, Gold +$1. Oil remains sig' weak though, -3.7% in the $54s.

*stockcharts.com remains offline.... urgh

As usual,  Varoufakis leaving on his bike

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It is typical turn time of 11am... renewed weakness into the afternoon - much like last Monday... looks due.

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re: Varoufakis - Greek finance minister

I'm in agreement with Armstrong on this - see: http://www.armstrongeconomics.com/archives/34502

The resignation (or firing) is a major mistake.. and makes the Syriza party/leadership once again look weak.

I realise the creditors were outraged at how Varoufakis defied them... but that was exactly what was needed... and now that he is gone... I'd imagine some weak minded fool will replace him... who will do as the Germans (and other Troika partners) demand.




Unquestionably... the loss of Varoufakis is only marginally less bad than a 'yes' vote would have been
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Notable weakness:  oil/gas drillers, RIG -2.6%, SDRL -4.0%
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11.30am.. renewed weakness... right on schedule..  sp -6pts.. 2070.

Increasing weakness across the afternoon looks due..... just like last Monday.

After all... who wants to go long here.. ahead of more Troika meetings?
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*stockcharts is back online, woo hoo !

Here we go......

:)