Before the Open (Jun 20)

Posted on by Jason Leavitt

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly down…India lost 2% and Taiwan dropped 1.2%. Europe is currently down across the board…almost every market is down at least 1%. Futures here in the States point towards a moderate gap down open for the cash market which will put the indexes below Friday’s low.

The dollar is up about 0.5%…gold and silver are down…oil is down 1.39.
The big news today – or lack of big news – revolves are the lack of progress regarding Greece. Europe’s finance ministers have not released the next bailout installment because Greek parliament has not agreed to pass measures to reduce the deficit and raise money by selling or developing state property. As small as Greece is, the chain reaction they could set off if they default and leave the European Union could be severe. Hence why the dollar is up…compared to the euro, the dollar is a safe haven.
The daily index charts are worth looking at again. The Nas, S&P and Russell are all close to their March lows. Last week it felt like the market was probing for a bottom. Also there are several indicators which reached levels last week to support a bounce.

My bias remains to the short side, but the risk/reward for initiating new shorts is not great. On the long side, I’m just not that interested except for a quick trade. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s sector performance
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Jun 20)”

  1. Watching the pre-market futures,someone…somebody
    is supporting the market. It just might be an
    excercise in futility, but I guess we’ll find
    out shortly. HW

  4. Numbers please. What’s the Greek GDP to their Debt ratio? Can/will Germany, France, etc. absorb the debtor countries? Will the EU find unity?

  5. I had lunch with Chuck Plosser last week and went over some technical stuff. He looked all bummed out and left his cheese steak hoagie unfinished. “Ben’s lost control of the BOYZ”, he said. “Maybe he never had control, Chuck!”, I replied. He didn’t comment and asked me about the charts. I told him the “triangle” is barely alive and may be morphing into a “H&S” top with SPX 1250 area as the neckline. He wanted to know what to tell Ben. I told him maybe the BOYZ are playing with everyone again, i.e. showing a potential “triangle” still in play or perhaps a right shoulder forming from oversold technicals – something to tease bulls & bears while still trending sideways for the remainder of June. Chuck said Ben is still concerned that things fall apart quickly if 1250 breaks. Hey! You dance with the devil…..

    1. Who’s kidding who? All we need is a little resolve
      to this Greek mess and the markets will be off to
      the races. Short term target S&P 1312-1315 area.
      Instead of having hoagies you should have gone
      to Detroit and have Greektown, my boy! Hooopah!

    2. Pete,
      the boyz are working on it but will not loose money over it
      the boyz or smart money was massive bearish–more puts going into fri opts
      but now retailers have taken over and boyz pulling back
      we need a bit of a wash out to let the boyz get long –more calls as the retailers panic and add puts
      we are not at the bottom yet

      1. tell uncle ben to grow up and start acting like one of the boyz ,that hes paid to be
        he can control the markets through currency swaps
        buy the euro

  8. I am moving to Australia. I want to start a new career
    as captain on a deep sea fishing vessel. You know the
    ones that cater to the American tourists and go out
    hunting for Sharks. Just think, my mother would be
    proud of me! Hi Mom! Luv ya, where ever you are. HW

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    THE COURSE IS ONE OF THE BEST I HAVE SEEN AND I CAN THOUGHLY RECOMEND IT TO ANY SHORT TERM TRADER
    THEREFORE IN KEEPING THE SPIRIT ALIVE I OFFER TO PAY THE $275 FOR ANYONE THAT WOULD LIKE TO TAKE THE COURSE–FOR A DAY TRADER I KNOW U WILL GET MUCH OUT OF IT
    DONT WORRY NEAL I WILL STILL HELP U WITH UR LONG TERM STUFF BUT I DONT LIVE IN PERTH
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