Well, we have counterforces at work. MSFT and AMZN are mild disappointments, so that caused the futures to start off weak after the 4:00 cash close. We have Greece asking for help, which relieved the investment community for some reason, and that bounced the market back higher. Greece is just a tool for speculators to move the market up or down on a whim. I still believe that the worries over European sovereign credits is overblown, and what will matter is that the demand for equities will remain weak, increasing supply is coming from IPOs and secondaries, and overvaluation will work against the market going much higher. In the meantime, I continue to advocate hit and run trading from the short side on extreme short term overbought readings.
I expect a small dip in the first hour and then a steady grind higher for the rest of the day.
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