Greece’s Next Move

Bounce in the market today, the S&Ps rallied and closed near the 2071 level after trading down to 2050 yesterday. As of midnight last night Greece did not make its payments. At 4-5 in the morning Greece said they would consider the International Monetary Fund’s plan, incorporate the cutbacks, but have a couple things they want to change with the plan. Midday Merkel said no to Greece’s stipulations causing a decline in the market. Then market then rallied with the hope that something would happen between Greece and the EU. Unless there is a huge plan for Greece I don’t see this situation causing the market to go up. Sunday there is a vote in Greece whether or not they want to remain in the Eurozone. The market is still down for the year, there was a brief 138 point rally but I have a sell signal on the daily charts. I am seeing a sense of complacency with people expecting the Federal Reserve IMF and the banks to come in and fix everything. I don’t see things getting better. I believe the market will push down into new lows for the year before a rally in the 3rd and 4th quarters. Market is going to be very choppy the next 6-8 weeks, sell signals on daily charts for the ETF SPY, S&P futures, DOW, and Nasdaq ETFs. I am looking for another day and a half of a bounce before some sort of short signal. I am waiting to see the job number being released at 8:30 tomorrow morning. Unemployment was up last month but there are claims of more and more jobs, I do not believe these numbers. Oil was down over 2.50 today, I am not bullish on crude and there is significant overhead resistance at the 61-65 level on the weekly charts. The oil stocks deteriorating was a clear sign that oil would follow. Oil needs to close below 57.69, closed today 56.85. Oil is negative on the daily charts, I expect 1-3 days of a bounce before it heads to the mid-high 40s. I am not bullish on Gold. Gold was down today and did nothing even with the Greece news. I have a sell signals on the weekly and daily charts, a bounce would more likely be a short than a buy, trading in the 1140-1185 range. My course Pattern Recognition 101 is almost complete and I will keep you posted if anyone has any questions please call 203-617-4026.
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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.