Pre-market Futures swung from dow +70 to -20 in a matter of minutes, after it appears confirmed Greece will hold elections (again) in June. It would seem the anti-bailout vote will increase, and thus an exit from the EU/Euro just became more likely. This will only add to the bearish uncertainty into the summer - and is supportive of the broadly bearish monthly outlook. Once Greece goes...attention will naturally switch to Spain, and it is Spain which remains the societal tinderbox of Europe.
We've a messy open, dow -20, then +20, best to stay out of the way of this.
Sp'60min, count'2
Vix'60min
Summary
Considering the latest Greek news, the VIX is surprisingly weak. I had expected at least a 5% gap up..and instead we're -4%. Not sure what to make of that.
I'm tempted to go long, but urghh, I think I'll sit on the sidelines today.
*We do have some more econ-data both tomorrow and Thursday (there is nothing this opex/Facebook Friday).
More later....
