Greece Rejects Bailout | Trading Game Plan July 6

As Greece rejects the bailout plan, you would expect the stock market to be a no-brainer short-sale today…

I’m not so sure about that. We are already off the pre market lows and support on the daily charts held. Don’t be shocked to see a rally the first hour. The key to the trading day will be after this initial price action. That will be the time to consider the short-sale.

What does your trading plan tell you about trading news? Do your results in your trading journal tell you to jump in or stand aside?

Trading news is not the same as trading the charts. You need to know the difference. Are you good at interpreting news? If not, let the dust settle and then trade the charts.

July 6 Stock Market Today: Map of the S&P 500

(click the map for a full view)

Greece Rejects Bailout

Day Trading Game Plan: The SPY ETF Chart

The SPY traded with holiday bound indecision. Although it closer higher, the SPY traded below the open for most of the day. Expect a very light volume day today.

Greece Rejects Bailout

Stocks to Trade |Monday July 6, 2015

Pete’s Notes:

  • Over night futures are off the lows. Not a clear-cut sell short the first 90 minutes.

Interesting Chart Lessons:

GS The Goldman Sachs Group Inc.

GS is the sector leader for the last 6 months but is showing signs of a top.

7 days in a row with a close below the open, a gap lower and now a swing high (a candle with lower highs on each side). $200 and $194 are the two down side targets.

Greece Rejects Bailout

Earnings in play today > 1M avg shares:

Bullish Ideas ATR/Volume/Price: WMB, MBLY, TSLA, HCA, LLY, TSO>95, NKE, FB,

Bearish Ideas ATR/Volume/Price: yelp, wdc, sndk, isis, scty, gpro, gmcr, kors, ual, utx, mon, bidu, mmm

Weak Stock Weak Close: yelp, tyc, utx, wfm

Strong Stock Weak Close: AET, UNH, CF

Weak Stock Strong Close: cnx, intc, wdc

Strong Stock Strong Close: LLY, TSO

20 day Breakdown: ctsh, ss, utx, yelp

20 Day Breakout: TSO, CMCSA, CVC, MPC, VLO

2x Normal Volume: gis, ctsh, wu, yelp, hig, ebay, bp, bax, cnx, dd

Watch List Longs: VLO, COF, SBUX, DIS, CVS, LEN, T, ADBE

Watch List Short: hal, slb, cvx, cost, all, xom, ,sndk, luv, nue, qcom, hpq, orcl, txn, lltc, ntap,

Inside days: orcl, ge, bax, hal, luv, xom, gm, yhoo, slb, brcm, sndk, nvda, txn, oxy, de, ccl, ibm, cat, bhi, gpro, len, mmm, ups, cf, cree, hot, sina, lnkd

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Greece Rejects Bailout – Now what?

Greece Hopes to Restart Debt Deal Negotiations. Will the EU Oblige?

The Euro underperformed in overnight trade after Greece voted against a deal swapping reforms for bailout funding offered by the country’s creditors at a referendum Sunday.

The final tally showed 61.3 percent of respondents opted to say “no”, supporting the position of Prime Minister Alexis Tsipras, while 38.7 percent responded “yes” to the EU-backed plan.

While the outcome does not necessarily equate to a Greek exit from the Eurozone, it does seem to make such a scenario more likely. This fueled risk aversion across the financial markets. The sentiment-linked Australian and New Zealand Dollars came under pressure early in the day (though those losses have since unwound) while the safety-geared Japanese Yen is traded broadly higher.

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Greece’s Finance Minister Varoufakis stands down

Greece’s fiery finance minister, Yanis Varoufakis, announced Monday that he was a “minister no more,” a day after Greeks backed his “no” campaign and rejected creditors’ reform proposals.

In a blog post published early Monday, Varoufakis said that soon after the referendum result, he was “made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings.”

“An idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today,” he said.

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U.S. stock futures tumble as ‘Grexit’ fear rises

U.S. stocks were poised to open sharply lower on Monday, with futures in the red after Greeks on Sunday overwhelmingly rejected the terms of a rescue package proposed by its international lenders.

Futures for the Dow Jones Industrial Average YMU5, -0.73% lost 128 points, or 0.7%, to 17,521, while those for the S&P 500 index ESU5, -0.63% fell 13.30 points, or 0.6%, to 2,055.50. Futures for the Nasdaq-100 index NQU5, -0.80% slid 35.50 points, or 0.8%, to 4,393.25.

The declines tracked losses on the European stock markets, where the Stoxx Europe 600 index SXXP, -0.91% erased 1% to 379.70 and Germany’s DAX 30 index DAX, -1.32% tumbled 1.4% to 10,907.35. Asian shares also mostly slumped.

Greece’s rejection of austerity: The global selloff came after more than 61% of Greeks voted “no” in Sunday’s referendum on austerity measures put forward by the International Monetary Fund and the eurozone as terms for further bailout aid. The Alexis Tsipras-led government will now try to renegotiate a new bailout package with the lenders, but economists fear the lenders are unwilling to accept looser reforms, raising concerns that Greece will exit the euro

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