So we might open around the 1363 level. That will give many bears who shorted yesterday (including yours truly) a headache to start the day.
However, a two day bounce after the first real down day is not that unusual. See the action around Nov'14, and Dec'12. What matters today is that the initial gains are quickly eroded, and preferably. end with a red close.
A close of -0.5% or more would be pretty much a victory right now.
Lets see if the bears can do it!
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UPDATE
Just noticed this...
see: http://www.bbc.co.uk/news/business-17294865
So, the Greeks plan to announce the bond agreement details at 6am UK.... 1am EST Friday.
UPDATE'2
I mentioned UVXY yesterday, which appears to be the new alternative to the failing TVIX.
UVXY is up over 450% pre-market. Looks like its done a 1 for 6 reverse split. Statistical decay sure does make these things problematic to hold for more than a few weeks (normally!).