Monday Lower (Blame It On Greece)
The Night Owl Trader | Jul 06, 2015 01:12AM ET
Actionable ideas for the busy trader delivered daily right up front
- Monday lower....
- ES pivot 2067.33. Holding below is bearish.
- Rest of week bias lower technically.
- Monthly outlook: bias lower.
- Single stock trader: VZ not a swing trade buy.
Recap
Those freakin' Greeks! As I write on Sunday evening it is apparent that Greece has evidently decided to sow the wind by voting "no" on their crazy referendum. And just as surely they will reap the whirlwind. The Grexit is in my view now inevitable. I am absolutely astounded at this naked display of unabashed hubris. The Greeks are crowing about their "dignity" but seem to have forgotten that when you're bankrupt, the first thing you forfeit is your dignity. Hey, I'll have to try that next year when my property taxes are due. I'll just tell the town I can't pay but I have my dignity so they have a responsibility to share my pain. Let's see how far that gets me. Perhaps Angela Merkel can loan Mr. Tsipras a few euros so he can buy himself a tie.
Apparently the Greeks would rather go down with their ship and take the rest of the world with them. And judging by the futures this evening, that's exactly what's going to happen on Monday. So there's no point to even bother doing individual charts tonight as Monday's close is already a forgone conclusion. This Greek drama is getting rather tiresome. Note to Greece: would you please just go away!
The technicals
ES daily pivot: Tonight the ES daily pivot dips from 2070.00 to 2067.33. And that still leaves us well below the new pivot so this indicator is nwo bearish - very bearish.
Monday lower, obviously. But Monday evening should be interesting as there may be some buying opportunities developing later this week.
Single Stock Trader
Verizon Communications (NYSE:VZ) had a small gain last Thursday but it's virtually guaranteed to get swept up in Monday's slaughter so this isn't the time to be buying it.
/h2
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