Greek Exit From the Euro Zone Edges Closer| Game Plan June 29

Greek Exit From the Euro ZoneGlobal Markets Dive As Greek Exit From Eurozone Looms

Stock markets in Europe and Asia are sharply lower today amid renewed fears a Greek exit from the eurozone could adversely affect the global financial system.

The development comes as banks and ATMs in the country remain closed after the government announced capital controls following the European Central Bank’s decision to stop an emergency credit line to Greek banks.

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If Greece Is Shut Out of the Eurozone, It Will Sail Into Uncharted Waters

Greece could soon find itself in the middle of a daunting economic experiment.

Ever since Greece became part of the euro over a decade ago, the common European currency has been entrenched in the lives and activities of the country’s 11 million people. But as Greece’s debt crisis escalates, the chances increase that the euro may be replaced by a new, national currency.

Precedents for such a transformation may not exist. Economists say they cannot think of a time when a developed country with an open economy dropped out of a shared currency and set up its own new money.

“There is no modern parallel,” said Michael P. Dooley, professor of economics at University of California, Santa Cruz. “That’s one of the reasons why there is so much hesitation to do it; no one really knows what will happen.”

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How much Greece owes to international creditors

Greece, which may default on an International Monetary Fund debt repayment due on Tuesday after talks with creditors broke down, owes its official lenders 242.8 billion euros ($271 billion), according to a Reuters calculation based on official data, with Germany by far the largest creditor.

That figure includes loans made under two bailouts from European governments and the IMF since 2010 — worth a nominal 220 billion euros so far, of which some has been repaid — as well as Greek government bonds held by the European Central Bank and national central banks in the euro zone.

Private investors hold 38.7 billion euros of Greek government bonds following a major write-down and debt swap in 2012 that reduced the Greek debt stock by 107 billion euros and the value of private holdings by an estimated 75 percent.

The Greek government has also issued 15 billion euros in short-term Treasury bills, mostly to Greek banks.

Here is a breakdown of the country’s foreign debt stock:

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June 29 Stock Market Today: Map of the S&P 500

Day Trading Game Plan: The SPY

greek exit from the euro zone

SPY showed us four days of lower-highs last week. Futures are down big this morning on Greece (again).$207.50 and $205 are areas of support. One thing to keep in mind, something many inexperienced traders need to learn, significant news always trumps the charts. Don’t expect chart points to hold when big news is in play.

greek exit from the euro zone

Stocks to Trade |Monday June 29, 2015

Pete’s Notes:

  • Greece may be coming to a head this week.
  • WMT Walmart showing signs of accumulation. Increasing volume and now a double bottom.

Interesting Chart Lessons:

AAPL Apple Inc. A Solid two and a half days of selling since the Carl Icahn APPL Tweet. If you trade off his plays, remember they are investments. These are not short term positions for him. He will need to accumulate a position which takes time. A solid example of what I am referring to above about news catalysts.

greek exit from the euro zone

Earnings in play today > 1M avg shares: APOL, PAYX

Bullish Ideas ATR/Volume/Price: CI, MBLY, LLY, HCA, AET, FB, NKE, GILD, TSLA, UNH, GS

Bearish Ideas ATR/Volume/Price: gmcr, mon, sndk, rrc, baba, wynn, unp, lng

Weak Stock Weak Close: aal, adsk, baba, bhp, clr, cnx, csiq, ddd, emc, intc, mon, qcom, rrc, stwd, trn, x

Strong Stock Weak Close: QIHU, AET, ZION, CTXS, ADBE, TSN, HZNP

Weak Stock Strong Close: hcp

Strong Stock Strong Close: WMB, DE

20 day Breakdown: cree, csiq, trn, intc, hpq, ip, dd, xlnx, adm, gpro, adsk, adi, cah,

20 Day Breakout: NKE, MRO, WETF, CMCSA, DE, MOS

2x Normal Volume: isis, cah, ci, lulu, hum, unh, nke, cvs, slb, lly, bax, de, bmy adbe, ibm, adi, cam, bbby, twx, feye,


Watch List Short: swn, hal, cvx, cost, slb, wmt, trv, all, cop, kss, hpq, orl, dd, txn, klac, glw, ntap

Inside days: wfc, cvs, jpm, lly, mrk, dis, kr, wmt, aig, pm, ccl, met, tsla, a, cof, all, ups, gs, sti, m, mmm, hrb, pru

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