Tuesday, June 21, 2011

My Big Fat Greek Vote at midnight tonight. UPDATE

That's right, tonight a drama plays out in Greece, where Greek Prime Minister George Papandreou faces a vote of confidence vote by Parliament. That is the first of the hurdles he must pass. If he succeeds with the vote of confidence, then he must gain approval for tough austerity measures so that Greece will be bailed out by other European countries. It is going to be full of drama for sure. What else to expect from the passionate Greeks?! :)

While markets are up this morning, don't bet long here as there are a series of moves that must take place to kick the world debt crisis can down the road. But for now, we get the market bounce. I would advise paying attention not only to this drama playing out, but also the drama here at home with the debt ceiling negotiations taking place between the Democrats and the Republicans and lead by VP Biden. Oh, and watch for another pronouncement by the Fed on passing the Debt Ceiling limit as soon as possible and not to continue to play brinkmanship with it.

In the mean time, yesterday's market did end the 13day streak of the Put to Call ratio exceeding 1.00, as it closed with a 0.89 reading. Continue to watch the market for lower highs and lower lows with a zig zag pattern in effect.

UPDATE: 4:00pm PST
Greek Prime Minister George Papandreou won a vote of confidence, bolstering his new government’s chances of pushing through austerity measures to secure further international financial aid for the country.
A total of 155 lawmakers supported the motion in the 300- seat parliament in Athens early this morning, with 143 voting against,

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