Monday, July 6, 2015

July 6 - 'No' vote being shrugged off by US equities markets

I can't post charts since Stockcharts is down, which is extremely untimely.  Right now, we are seeing a extremely strong recovery from futures being down -1.5% to about even in SP500.  VIX is also printing a black reversal candle.  Despite what was thought to be a worst case scenario for Greece the equity indexes in US are holding up extremely well, much stronger than I would have thought.  I was contemplating going short today for an intraday trade but clearly I was looking for the wrong trade.  I am flat and am inclined to think that we are in a bottoming phase here and if we hold roughly around here I will go long EOD via shorting VXX with deep in the money puts.

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