Today’s headlines on Greece are NOT in the market’s volatility range or where equities should feel comfortable at this level.
Also note that the Euro (FXE, quote) despite some recent resilience on the positive tone of the chats and better German data along with PMI data across the euro zone still remains in no man’s land on a long term chart. In fact, 1.08 seems almost an inevitability at this point.
With this view you have to view the U.S. Dollar (UUP, quote) as just biding time before going well through the 95.00 level and is threatening today and will probably hit Monday if this weekend sets up for nasty Greeking when you know who runs out of cash.
Be cautious into the close today. Nothing wrong with IWM puts here.
