The collision of global markets and social mood

Friday, June 26, 2015

Friday -- Positioning Before The Deadline

ES Futures:
Another early morning levitation. More hope out of Greece. Keeps the choppiness of the choppy pullback intact.

News:
The deadline for a Greek debt deal is --supposedly -- Monday before the European markets open. Somehow, someway, they will probably cobble together another stop gap -- with a shelf life of a month or two.

China down another 7%. Wall Street firms warning not to buy the dip, but I bet they are.

CNBC seems especially preoccupied with self-driving cars this morning. What if this building auto-pilot mentality is manifestation of entrenched market psychology?

FX:
AUD getting crushed. News lows probable in a month or two if things work out they way they appear.

Treasuries:
125'055 in the crosshairs on 10s, day two.

Energy:
WTI crude looks interested in below 58.73 at least. Or at least that's where I might be interested. NG still too middle-of-page to be interesting to me.

Metals:
Gold 1171s.

S&P Outlook:
The market stopped just above the 2100 level after blowing through the Fib levels. Plenty of room to head lower, but still looking choppy, thus corrective.

2095 & 2085 starting to look interesting if 2100 doesn't hold. Not using options, but adding slowly to SSO and SPXL against UVXY.

Still prefer to see 2088.86 hold, however.


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