Market Update for June 29

Well today is already starting out to be interesting. News emerged over the weekend that Greece is going to hold a referendum on July 5 on whether to stay in the euro or not. Then Greece issued a bank holiday and closed the Athens stock market. When a government issues capital controls, they almost always never work. This news caused a panic in the euro crosses and as soon as forex markets opened in Australia, liquidation went into effect.

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Then headlines came across from the EU Commission that a deal with Greece was likely and traders bought the dip. I being one of them. Like I've said before, fundamentals will trump the technicals all the time. Elliott Wave can't compete with the facts and the data. I'll follow the data over Elliott Wave any way.

For today the only market moving data on tap is US pending home sales for May due to be released at 10:00 EDT. Expectations are for a month-over-month increase of 1.2%. However, I think this data will only impact about 10 minutes worth of trading. The rest of the time the market will be focused on Greece. I've also said before that I wish Greece would exit the euro, but then again, trading the euro would be no fun anymore. Greece certainly keeps euro trading alive and me in business, so for that I thank the Greeks.

Hope everyone has a great week. As always, good luck and happy trading!