06/23/2011 Intraday Watering

[Nomorework]

Greek news...

And back down we go...

[progruss]

Thank you all who have responded so far to the survey! I will re-post the final results at the close, but here's where we are so far:

Will the Market revisit the June 16th low (SPY = $125.70)? Total answered = 33

72.7% 24
Yes - Market will make a new low before any significant rally.

15.2% 5
No - Market will rally from here.

12.1% 4
Maybe - Market is confusing, that's why I visit this blog in the first place!

http://www.surveymonkey.com/s/SSVYMSH

[soku]

There must be some news here

Greeks agreed on EU austerity plan.

the greece crap worth 10 es points? short the biatch

[BlackThought]

Thank you all who have responded so far to the survey! I will re-post the final results at the close, but here's where we are so far:

Will the Market revisit the June 16th low (SPY = $125.70)? Total answered = 33

72.7% 24
Yes - Market will make a new low before any significant rally.

15.2% 5
No - Market will rally from here.

12.1% 4
Maybe - Market is confusing, that's why I visit this blog in the first place!

http://www.surveymonkey.com/s/SSVYMSH

thanks. i bought a bunch of calls

[HK88]

Wow look at the volume on SPY, looks like two huge towers

[pablorynx]

DJ Greece Agrees With IMF, EU On 5-Year Austerity Plan -Reuters


the parliment still needs to vote on this tho, so is not really news

[gigeze787]

There must be some news here

2:58 PM The EU/IMF discovers a €5.5B "black hole" in Greece's €28B austerity package, sending Greek politicians back to the drawing board as they face a deadline of the end of next week to pass acceptable reforms through the legislature. The euro is making a spirited afternoon rally, back over $1.42

[jamesmith]

wow, what cause this big push up? :o

[Wallstreetrader]

Impressive move Jesus.

[endangered510]

Wow I'm glad that I'm all cash right now. Not worth the heart attack...lol

[StrikePrice]

Thank you all who have responded so far to the survey! I will re-post the final results at the close, but here's where we are so far:

Will the Market revisit the June 16th low (SPY = $125.70)? Total answered = 33

72.7% 24
Yes - Market will make a new low before any significant rally.

15.2% 5
No - Market will rally from here.

12.1% 4
Maybe - Market is confusing, that's why I visit this blog in the first place!

http://www.surveymonkey.com/s/SSVYMSH

thanks. i bought a bunch of calls

def a bear bias in this forum....not that there is anything wrong with that.

[BBFinance]

From Zero Hedge:
"Somehow the fact that Greece has reached a deal on its austerity plan is supposed to be good for 100 pips on the EURUSD even though this is not news, and has been priced in for a long time. Furthermore it does absolutely nothing to dampen the fear and loathing that this plan will be met by the broader Greek population. But with market that's have absolutely no liquidity and monkeys controlling the buy and sell algos, one can only sit back and laugh."

[Nomorework]

Wow I'm glad that I'm all cash right now. Not worth the heart attack...lol

This is ridiculous. Greece austerity worth 10-12 pts? No way, no one thought it wouldn't get agreed on. I'm going short, god help me.

[Mario TR]

happens? God's Hand

[Cobra]

well, what a day, looks like game over for bears.

[endangered510]

Not necessarily game over for bears...this could be a temporary spike and sell-off just like the confidence vote.

[BBFinance]

From Bloomberg:
"So yes the market is rallying on only a headline and not a full story,” said Peter Boockvar, equity strategist at Miller Tabak & Co. in New York, in a note to clients. “There is already an austerity plan that the Greek parliament is voting on next week so the only thing that could be different is if the terms have been changed to make it easier for the Greek government to pass. Again, it’s just a headline that doesn’t fully make sense since a plan is already being voted on next week.”

[KENA]

From Zero Hedge:
"Somehow the fact that Greece has reached a deal on its austerity plan is supposed to be good for 100 pips on the EURUSD even though this is not news, and has been priced in for a long time. Furthermore it does absolutely nothing to dampen the fear and loathing that this plan will be met by the broader Greek population. But with market that's have absolutely no liquidity and monkeys controlling the buy and sell algos, one can only sit back and laugh."

I agree but we have to live with it.We will revisit the low when the hype wares off.

[BBFinance]

Some big gun wants to get out of trapped longs.
Spinning the news.

[Cobra]

Some big gun wants to get out of trapped longs.
Spinning the news.

yes, this explains why the whole day, RSP, QQQ and IWM were strong. someone would use any excuse to pump the market.