We did it, breaking a 6-week losing streak on both the Dow and the S&P 500.
That's the good news, but there is not a trader I spoke with who was impressed with this close. It was hard to call with the quadruple witching expiration, but regardless: volume has been light, showing no participation despite the oversold nature of the markets.
The bottom line: we can't really hold a rally.
There appears to be very little ammo on the buy side, other than short-term bounces. Traders are skeptical of a Greek "deal" because they don't believe the Greeks will agree to the nearly impossible austerity demands.
- Greek Default Dominos Explained - In Pictures
- How Latest Greece News Moves Your Portfolio (video)
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