After yesterday’s selling there was some hope a Greek deal could be had by the end of the day. Stocks were higher across the board with the NASDAQ leading the charge. Blame will solely be placed at the feet of the Greek politicians if this market rolls over. However, there are issues from the Chinese markets and even Puerto Rico. We have drastically reduced our risk exposure and continue to see mixed signals from this market. A few platinum members are holding onto some of their hedges and continue to be guided by price signals. Regardless how this Greek situation plays out we will be on top of the action and ready to take advantage.
Our market models are in operational sell mode. What this means is we are not taking new longs and we are tightening up our exits. This is a necessary precaution as we do not want to have large losses and we will certainly need to have dry powder when a low is put in place. The worse thing is to be caught in a large drawdown without the necessary dry powder to take advantage of any advance. Doing so will hurt your potential gains and leave you far behind the curve. Do NOT get left behind. Go here to get 40% off our Platinum Subscription price by using coupon code: SUMMER. HURRY today is the LAST day to get this amazing deal. Deal ends TONIGHT!!!
Certainly a cause for concern from the US markets is certainly what we are seeing from the Dow Transports. Let’s not forget the Dow has yet to move this year. Not the type of action you want to see from either of these indexes.
It is curious to ask EU leaders if they think Greece can actually pay back their current debt load. Regardless if they can pay or not how will Greece take on any new debt going forward? Almost feels like forced austerity is upon them. Argentina still has a tough time and you have to wonder how Greece will fare if they are forced down the same path.
We do have some interesting ETFs making moves that are not related to stocks. Our subscribers will get a chance to get in early as a few of the ETFs are potentially moving off long-term bottoms. Remember our sale on our Platinum subscription level. Use coupon code SUMMER to get 40% off! In addition, biotechnology stocks continue to impress. Not a terrible thing to see these things get support.
The one thing many are counting on is if we do get a bailout agreement between the EU and Greece will this stock market automatically goes higher? Odds favor such a move, but is everyone already on that bandwagon? Why a robust trend following strategy encompassing a sound risk management approach is the best recipe for success. It cuts throw the noise Wall Street produces and keeps the execution relatively simple. Stick with the program and Big Wave Trading!
