Greek Debt issue not really resolved yet.

The Greek Debt issue is not resolved according to reports from Bloomberg.com and other news outlets. Their Bonds have dropped sharply and there are strikes in the streets of Greece over austerity measures being proposed by the government to show creditors they have the backbone to do what is necessary to get the financing of their debt issue resolved.

This is important because if this issue is now resolved soon, the World stock markets could take a turn for the worse and a major correction could be precipitated as this spark becomes a roaring fire. The next 30 days are key here. A defensive position in stocks is warranted at this time in my view. Our stock markets are very over bought and so we are in position for a long awaited correction anyway, with the recent lows of the VIX Index and the low of 0.56 for the Put to Call ratio. Add to that the sentiment of investors has reached high levels of optimism , while Volume has decreased in this market rise and you have all the necessary ingredients for a major correction. Fair Warning!