Good morning. Futures are a little lower, sp -5pts, we're set to open at 2092. US equities look set for the third consecutive net weekly gain. Metals are bouncing, Gold +$6. Oil is moderately higher, +0.5% in the $52s.
sp'60min
Summary
First soft support is sp'2090... that will certainly be vulnerable this morning.
Chatter on Greece continues to grow, and there is increasing resignation that a deal will not be agreed. As I will keep noting, the real problem is not Greece, is it that if Greece leaves, Spain (SIX times bigger) will also follow.
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A daily/weekly close in the sp'2070s is very possible if market is upset into the weekend... even then, I'd still wonder if we won't see another move higher next week. Weekly charts are offering stiff resistance in the 2110/20s.
As for the VIX (which I'm still long)... until it gets a daily close >17.50, any moves are all minor noise. Right now, the big 20 threshold looks hard to reach, even if the Greeks stall a deal until end month.
Frankly, its been a truly tiresome (if short) week.... thank the gods.. its almost the weekend.
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*notable early weakness, DE, -0.6%, despite rather good results.
