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Market Timing

Sunday, 05 July 2015

In case you have not heard by now, the results today (Sunday) of the Greek vote for the Refurendum below ended with a large majority (61%) of the Greek citizens voting "NO" !!!

Refurendum:
   1) YES, accept more austerity conditions laid out by the European lenders (higher
       taxes, pension cuts, etc.) in exchange for extended credit, or
   2) NO, reject the offer (and hopefully negotiate a better deal from its lenders).

Their socialist Prime Minister, Alexis Tsipras, strongly urged the Greek people to vote "NO"; thus (in his mind only) putting him in a better position to negotiate a better deal with his European creditors.  Most likely, the outcome will be just the opposite.

Needless to say, the rest of the world thinks this "NO" vote could lead to a disaster for Greece [financial ruin, exit from the Euro (Grexit), etc.].  If all of this mess affects Greece only, the worldwide ramifications may not be too bad; but if this type of behavior spreads to the other PIIGS countries (Portugal, Italy, Ireland, and Spain), it could lead to a worldwide crisis and stock market crashes throughout the rest of the world.

To this end, the e-mini futures are down tonight (Dow -200; SP500 -25, Nasdaq -50).  

And, the MIPS2, MIPS3, MIPS4, models are all "SHORT" as of the EOD on 6/29/2015 !

Posted by: Dr. G. Paul Distefano AT 10:48 pm   |  Permalink   |  Email

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