Current Long Positions (stop-losses in parentheses): AGYS (7.60), CALP (7.28), SPY July 130 Calls, AAPL July 330 Calls, SBGI (9.67), VVTV (7.42)
Current Short Positions (stop-losses in parentheses): None
BIAS: 17% Long
Economic Reports Due Out (Times are EST): FOMC Meeting Starts Today, ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Existing home Sales (10am)
My Observations and What to Expect:
- Futures are up slightly ahead of the open.
- Asia rallied about 1.1% and Europe is up 0.7%.
- Greece bailout talks continues to roll on – with market hopes pinned on a resolution in the coming days.
- We broke the highs from the daily doji from 6/16. More importantly though would be a move above 1293, breaking the highs of the weekly doji formed last week.
- Resistance at 1285 (resistance from the previous descending channel line).
- We broke the 10-day moving average, which can typically lead to a 1-2 day bounce in the markets.
- Volume was weak yesterday, coming in well below average. Much of which is likely because investors are waiting on the sidelines until Greece issue is resolved as well as waiting until after the FOMC Meeting concludes on Wednesday.
