sp'daily5
Summary
*another night of little sleep.... and if I disappear today... its because of that. The coming weekend is a three day one (market CLOSED Monday Feb'16th for 'presidents day')... and frankly... I need a break.
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We have a possibly very busy day ahead. There will be talks in Brussels as the Greek finance minister tries to broker a deal.
The amounts involved are frankly trivial, but Germany and other EU states are getting real tired of their weakest member. However, the problem is that if Greece leaves... Spain/Portugal would almost certainly follow, and it is the possibility of Spain leaving that is the real issue here.
On balance... more 'can kicking' is likely... if only to drag this out for another year or so.
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Key support levels... Dow 17k.. if that fails... I'd guess rising support of 16500 would not hold, and open up a fast move to 15k.
As noted though... I would guess a deal is reached this week... to buy more time. After all, why would the EU want a financial/political crisis this month... or next?
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*most traders should be mindful of the EIA report at 10.30am, if inventories come in at 3-5 million barrels surplus, then Oil will surely be pressured lower... and that will (usually) put some pressure on the broader market.
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Update from Oscar
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Doomer chat - Hunter with the Schiff
As ever, make of that... what you will.
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Notable early weakness, TSLA -1.8% in the $212s... ahead of earning due at the close. I'm guessing that one will jump above the key 200dma.. and open tomorrow in the $230s... if not higher.
Strength: AKAM, +5% in the $65s, on superb earnings.
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Good wishes for Wednesday trading