Holiday Joyride

It’s pretty clear market has assumed Greek parliament has the votes to pass the July 29 &30 measures or else they’d Hara-kiri themselves and the markets.  Even if something goes array, you have to believe EU officials will not let this spread one way or another.   Still, votes passing as reported is not the overwhelming reason this early week upside has occurred or else we’d not see such pathetic volume (holiday week or not).  Simply, what we started to premise(positives) late last week has come to fruition, but you can read about all that after the close (window dressing, China, rotation from TSY’s etc.) in the daily recaps in social media circles. 

In all, it’s irrelevant how the market got here now, so why dwell on it.   What’s important is 1280 SP is support now and 20 ma is breached back on the upside. The best scenario is for dips back below 20ma to consolidate and afterwards push higher into July.  Hopefully, the market sells the rumor next few days and we switch channels to corporate America.  Friday’s Global PMI’s, including US ISM will be horrible and market will show it’s colors post data.  

Right now, market is on a joyride ready to jump off at any moment, meaning fast traders are in this week and longs remain sidelined.