Monday, June 20, 2011

Markets Unhappy with Lack of Immediate Greece Bailout

Futures are down again this morning as the perception that there would be a 'solution' (kick the can) to the Greece situation over the weekend has not come to fruition. 
  • The markets were in jittery mood once again Monday after eurozone finance ministers failed to agree to release the next bailout loan installment to Greece -- money that is needed to prevent a debt default that could trigger financial chaos.
  • Officials say they do expect Greece to get the next euro12 billion installment in July. But first they are pushing the Greek parliament hard to pass unpopular measures to reduce the deficit and seek more money from selling and developing state property.

The 200 day moving average (now moving up a point to 1263) is a level that looks to be broken on the open unless there is an in improvement in the next 1.75 hours, and last week's lows of 1258 are most likely in play.  The key level below that is 1250, the March lows.   Below that it obviously gets very interesting.  It still remains a period to remain small and protect capital.

FOMC meeting this week, but other than keeping rates low for infinity and confirming no immediate new QE there should be little of interest there.

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