Those freakin' Greeks

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Monday lower....
• ES pivot 2067.33.  Holding below is bearish.
• Rest of week bias lower technically.
• Monthly outlook: bias lower.
• Single stock trader: VZ not a swing trade buy.

Recap

Those freakin' Greeks!  As I write on Sunday evening it is apparent that Greece has evidently decided to sow the wind by voting "no" on their crazy referendum.  And just as surely they will reap the whirlwind.  The Grexit is in my view now inevitable.  I  am absolutely astounded at this naked display of unabashed hubris.  The Greeks are crowing about their "dignity" but seem to have forgotten that when you're bankrupt, the first thing you forfeit is your dignity.  Hey, I'll have to try that next year when my property taxes are due.  I'll just tell the town I can't pay but I have my dignity so they have a responsibility to share my pain.  Let's see how far that gets me.  Perhaps Angela Merkel can loan Mr. Tsipras a few euros so he can buy himself a tie.

Apparently the Greeks would rather go down with their ship and take the rest of the world with them.  And judging by the futures this evening, that's exactly what's going to happen on Monday.  So there's no point  to even bother doing individual charts tonight as Monday's close is already a forgone conclusion.  This Greek drama is getting rather tiresome.  Note to Greece: would you please just go away!

The technicals

ES daily pivot: Tonight the ES daily pivot dips  from 2070.00 to 2067.33.  And that still leaves us well below the new pivot so this indicator is nwo bearish - very bearish.

Accuracy: 

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    8      6       4           1       0.563    627
February   6      4       5           3       0.692    183
March      7      6       5           4       0.647    976
April      3      8       7           0       0.273      1
May        6      5       5           2       0.615    581
June       8      6       3           4       0.706    552 July       1      0       0           0       1.000    138

     And the winner is...

Monday lower, obviously.  But Monday evening should be interesting as there may be some buying opportunities developing later this week.

Single Stock Trader

VZ had a small gain last Thursday but it's virtually guaranteed to get swept up in Monday's slaughter so this isn't the time to be buying it.