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We are seeing a nice fade here in the broad market after the New York lunch hour, on the back of “chatter” that Greece may or may not leave the EU. As I am writing this, I see that the S&P 500 appears to be stabilizing after the initial reaction to the Greece news. Overall, it is natural to see some quick profit-taking into strength both in equities and silver, given the carnage that trapped longs experienced earlier this week (the concept of overhead supply).
Instead of focusing on Eurotrash news, the better approach is, as I noted in my morning post, to focus on the broader technical picture of equities. Thus far, we have not faced much damage at all. If, and until, that changes, I see no reason to be bearish here. A bit cautious? Perhaps. Nonetheless, some areas of the market are working well. Below are two ideas. I am currently long AVGO (noted inside 12631), and I am stalking another entry in RSH.
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1. Greece leaves the EU.
2. Greek devalues.
3. Santorini is a BAAAAAgin.
4. Everyone party.
Indeed
Put MLNX on you watchlist
Nice…it’s all about $30 there
Hey chess, would you ever bottom fish with $nbg at all? Thx
possibly after another day or two of blood and a hammer candlestick