sp'daily5 - anticipated open.. based on current futures
Hello there!
We have a short 4 day week ahead... and with the weekend Greek developments, I shall be posting across this evening.
Key issues..
No Greek deal... with the Tuesday/end month payment to the IMF not being paid. The ECB will pull their bank liqudity program as of Tuesday midnight (unless they change their mind).
Most.. if not all Greek banks will be closed on Monday
Greek equity market.. closed.
*Keep an eye on China.. set to open around 9pm EST. China could accelerate lower, a -10% Monday decline would not be overly bold.
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As ever.. say hello.... it would be good to hear from some of you this evening.
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What should be clear.. a storm IS coming... at least a CAT'1
Market looks set for some serious volatility into July... and with a referendum next Sunday... the market will likely be increasingly unstable.
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Updates across the evening...
6.21pm... sp'500 holding lower by around 36/40pts.. around 2060.
I'm unsure as to what that might equate to the VIX... probably 16/17s. The 20s still look 'difficult'
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More notable weakness in the German DAX, futures -5.0%.. which really is pretty dynamic!
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6.26pm.. Metals are catching a moderate fear bid, Gold +$8.
Energy is weak, Oil -1.6%... as the stronger USD is a natural downward pressure.