A Sad Day For Greece

Don’t get me wrong I truly love seeing the Euro being crushed again this morning and it looks like Greece is going to remain a ongoing drag on both the European Currency Union as well as our already strained patience in the foreseeable future. Which means a weaker Euro paired with a slightly less weak Dollar produces a much more favorable exchange rate for the Mole.

Yet I can’t help myself feeling saddened having once again been proven right. Game theory suggested all along that a Greek exit from the EU would not be beneficial to either party, despite all the saber rattling and brinksmanship we’ve been witnessing in the MSM over the past few weeks (months/years…). Still – to witness Greece capitulate completely in the final hour and sell out its sovereignty to a global collective of banksters was a bit heart wrenching, even for this callous market megalomaniac. I can only hope the Spaniards and Portuguese are paying careful attention and will do what it takes to stave off such a sad state of affairs.

Clearly equity traders are elated as this means more QE is almost guaranteed. The spoos finally filled a gap that was in place for 12 sessions. Although I believe that this is most likely going to continue higher I am currently short with a stop near 2090. It’s a low probability idea which however could pay off well – 1/4R only.

The other 1/4R went to the NQ – same idea here. It’s actually weaker as it hasn’t quite filled its gap yet. May happen later today of course. In both cases I would consider a long position after a stop out. But it depends on the velocity of the move. And even then I’d only throw chump change at this campaign as I simply can’t justify participating in equities in a serious fashion at this point. It was a ridiculous chart three months ago which since has advanced to a spasmodic mess that would have Jackson Pollock go green with envy (and he’d probably throw in a few more colors).

USD/CAD – now here’s a chart I can sink my teeth into. I’m waiting for a wee bit push higher so that I can short it near that diagonal I painted. Triggers are on the chart and I would have little compunction to flip for a long position after a stop out.

UPDATE 9:50am EDT: USD/CAD shot higher so fast I didn’t get short OR long. Bummer…

More FX fun below the fold – grab your secret decoder ring and join me in the lair.

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See you guys later this afternoon.

Cheers,