One More Day For Greece
0
June 29, 2015

I think there will be more attempts by the troika and others to strike a deal before the clock strikes midnight on Tuesday.

Naturally Monday’s global stock sell-off was in the cards should there be no agreement before markets opened Monday’s.

The damage Monday was widespread. Those markets at ground zero in Europe felt selling the most while emerging markets also felt the carnage. U.S. markets were down as sellers saw stops hit and support challenged.

Economic data, good or bad, was ignored for the most part which is understandable.

By the way, Greece isn’t the only party with troubles, Puerto Rico’s president stated they will soon be in default without concessions. This affects billions in previously popular municipal bonds.

Leading market sectors higher included: Volatility (VIX), Gold (GLD), Investment Grade Corp Bonds (LQD), Treasury Bonds (TLT), Natural Gas (UNG) and not much else.

Leading market sectors lower included: Everything else.

There’s very little for me to add beyond just letting selective charts do all the talking.

The top 20 market movers by percentage change in volume whether rising or falling is available daily.

6-29-2015 6-02-21 PM

Volume was heavy on selling once again and breadth per the WSJ was decidedly negative scoring a negative 10/90 day.

6-29-2015 6-02-42 PM dIARY

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPY DAILY

    SPY DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XLP WEEKLY

    XLP WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • IYT WEEKLY

    IYT  WEEKLY

  • IYR WEEKLY

    IYR WEEKLY

  • ITB WEEKLY

    ITB WEEKLY

  • DVY WEEKLY

    DVY WEEKLY

  • HYD WEEKLY

    HYD WEEKLY

  • HYG WEEKLY

    HYG WEEKLY

  • LQD WEEKLY

    LQD WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • GDX WEEKLY

    GDX WEEKLY

  • SLV WEEKLY

    SLV WEEKLY

  • DBB WEEKLY

    DBB WEEKLY

  • USO WEEKLY

    USO WEEKLY

  • JJG WEEKLY

    JJG WEEKLY

  • DBC WEEKLY

    DBC WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • IEV WEEKLY

    IEV WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • EWG WEEKLY

    EWG WEEKLY

  • GREK WEEKLY

    GREK WEEKLY

  • EWZ WEEKLY

    EWZ WEEKLY

  • RSX WEEKLY

    RSX WEEKLY

  • EPI WEEKLY

    EPI WEEKLY

  • FXI WEEKLY

    FXI WEEKLY

  • NYMO DAILY

    NYMO  DAILY

    The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

  • NYSI DAILY

    NYSI DAILY

    The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

  • VIX WEEKLY

    VIX WEEKLY

     


    The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.


 

Greece has said it intends to default on payments to the IMF due Tuesday.

If so, that takes some of the guessing game away from those expecting a deal Tuesday.

Economic data is on tap with S&P Case Shiller Home Price Index; Chicago PMI and Consumer Confidence. Given that these are old news it may be wise to focus on current conditions like the markets. A noteworthy appearance will be made by Fed Vice-Chair William Dudley and he could say something to move markets.

Perhaps the worst thing that will happen is Greece will get bailed out without doing much to change its spendthrift ways. Lastly I’m hoping the U.S. doesn’t get involved with any rescue but nothing would surprise me. After all we live in centrally planed times.

Let’s see what happens.

 

Sign up to become a premium member of the ETF Digest and receive more of our detailed charts with actionable alerts.

You can follow our pithy comments on twitter and like us on facebook.

...

Headshot David Fry xsmall

Dave Fry is founder and publisher of ETF Digest and has been covering U.S. and global ETFs since 2001.  ETF Digest was named one of the most informative ETF websites in the 10th Annual Global ETF Awards.



Archives
Disclaimer

ETF Digest™
 

Disclaimer: The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell only any security. Market sectors and related ETF's are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotation's aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com

 

ETF Digest

Market Summary
NYSE Composite Index S&P 500 Index Nasdaq Composite Index Russell 2000 Small Cap Index NYSE Composite Index S&P 500 Index Nasdaq Composite Index Russell 2000 Small Cap Index 10 Year Treasury Note Yield Gold Bugs Index Morgan Stanley High Tech 35 Index Market Chart
Commodity Quote Change Change % NY
Gold1,181.105.900.50 % 17:15
WTI Crude Futr58.27-1.36-2.28 %17:14
Index Quotes Change Change % Local
CRB223.58-1.30-0.58 %17:28
US Dollar95.080.000.00 % 17:27
Index Quotes Change Change % Local
VIX18.854.8334.45 % 16:14
MSCI Value Daily MTD YTD
Brazil1657.9831.28 %4.57 % -9.52 %
Russia513.695-0.19 %-2.76 %26.86 %
India501.852-0.02 %0.15 % 1.10 %
China75.400-2.41 %-5.81 %14.18 %