Some of you guys who’ve been around for a while might remember the expression “The ‘take em” boys are here”. When I was young, and the market would head sharply in a northerly direction, some body somewhere on the NYSE trading floor would yell those words, as if he had spotted a marauding horde in the distance. Well, in this day and age, the crowd may not be so much boys, but a mix of boys, girls, robots, whomever, but whoever, or whatever is doing the taking ….is doing it all over the globe this morning. What’s the deal? Yes, it’s Greece again, gang. Apparently, as the EU holds that summit today to discuss the Greek debt crisis, the Greeks themselves have pitched a new plan. While we are all too worn out to actually believe that this is the end of the crisis, as Fox anchor Nicole Petallides said this morning on FBN AM, “this could be the beginning of the end” of said crisis. European equity traders certainly seem to be drinking the Kool-aid.
We only have one domestic macro data-point to peruse this morning, but it’s a fairly important one. May Existing Home Sales are expected to improve to an estimated 5.26 million units, when seasonally adjusted, and annualized. This is the biggest slice of the housing pie, kids, and it has been a real struggle to keep this item above the 5 million unit mark. To see an improvement like this, despite the rise in interest rates seen in the mortgage market for the month would be a fairly big positive.
There are no Fed speakers on my radar for today. There are a few high profile earnings releases scheduled later this week, but all we have today is SONC, and that is for after the closing bell. Alright, it’s Monday. Yesterday was Father’s Day. I know it hurts, just keep on moving…. you’ve got this.
Sarge’s TRADING LEVELS
SPX: 2147, 2135, 2127, 2119, 2113, 2106, 2098
RUT: 1304, 1300, 1296, 1287, 1283, 1278. 1272