Mild pullback as opposed to yet another overnight ramp.
News:
The more details that emerge regarding the Greek "deal" the more it's nowhere near over. Because of the irrational appeal of preserving the common union project, it just got a lot worse for the EU because yet again they have failed to take decisive action: they have chosen to throw yet more good money after bad in the hopes of preserving an unnatural union rather than cut Greece loose.
This will continue to smolder only to catch fire in the periphery. Then it's over for the EU.
FX:
CHF stronger today. Taking note of this in light of the above.
Treasuries:
Pulling themselves up off the floor, barely.
Energy:
Lackluster WTI crude bounce faded out. NG faring better.
Metals:
Gold & silver not doing much.
S&P Outlook:
Another long day yesterday which ended in a failure to fill a gap by less than a point. Pathetic price action. Stall speed warning.
Even so, it is looking as if 2044.02 may have marked the low. Filling the 2101.49 gap and closing above the volume shelf at 2104 would add confidence but not a guarantee.
Because there is still this potential . . .
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