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Market Timing

Sunday, July 05 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" !!!

   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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