It looks as though the S&P index is shooting for the 1291.50 target mentioned yesterday. Should it get there, the 1292.50 and 1294.50 areas would be in play as well. These are the highs from 6/9 and 6/14. While the folks at CNBC will likely throw a party if we get to these levels, realize that they represent minimum retracement levels. So this is expected action.
What is unexpected is a failed confidence vote for Greek prime minister Papandreou. I myself can't see how he survives, but the market is expecting he will.
The Summer solstice occurs today at 1:16 pm EST. Happy Summer. Light a bonfire.
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