SPY Likely To Drift Back Up To the 100-Day MA Next Week – Summer Doldrums Likely

July 2, 2015
Author: Peter Stolcers, Founder of OneOption

LEARN HOW TO GET THE PLATFORM FREE and get my market comments before the open. Posted 10:00 AM ET - The summer doldrums are likely to return. Greece will get a deal done and the jobs report was spot on. Traders will leave early and wait for the events in Greece to play out over the weekend. Greece will vote Sunday. A “Yes” will keep them in the EU and prompt a leadership change. A deal will get them through the year, but the saga will continue. In order to get financing, concessions will be made and that means rioting. The jobs report was a “Goldilocks” 223K and it did not spark a reaction. Earnings season will kick off next Wed with AA. There are not any big releases for 2 weeks. Earnings will keep buyers engaged and we are likely to drift higher. China was down another 3.5% overnight. I will try to find a few bullish put spreads today, but I am going to keep it small. I want to let the news in Greece play out. Look for a very quiet day and a probable rally to the 100-Day MA on Monday. As tempting as it might be to get long, I will resist. This has been a nickel and dime market the last 2 months and I don’t like the notion of giving my profits back if Greece screws up. This is the best country in the world. Be safe as you celebrate the freedom we fought so hard to protect. Happy 4th of July . . image

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