In retrospect, it”s ironic that

In retrospect, it”s ironic that Greece got an extra day”s worth of funding Friday to cover bank runs. Five years of throwing good money after bad, but Friday”s one day of ELA was the best value yet — kicking the can for three days, due to the timing.

Was the extra day of funding intended to enable breathing room for Sunday”s creditor talks? Or, was limiting the extra funding meant to pressure negotiators, with another billion Euro in withdrawals already known? In the end, it seems not to have mattered. It is being reported that there are “no new proposals” on Greece, hence, no deal.

This seems to be coming as a relief. Sunday night”s Globex just gapped up to retrace all of Friday”s late 8-1/2 point slide. Our last sell signal at 2103.50 is now support of a surge to 2108.75. While it”s tempting to claim victory for expecting a relief rally when actual event finally came, keep in mind that Friday afternoon”s 2108.75 high is the real hurdle, as is Europe”s opens. And this follows Friday”s bearish afternoon bias that may similarly influence Monday morning.

Here are tonight”s links for front-row seats to watch the fireworks… Well, not exactly front row, but close enough to be just a little dangerous:
XP-Friendly: https://www.anymeeting.com/631-222-546
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh