Greek Situation Yet to Come to Fruition

After an opening gap higher this morning, stocks are into partial gap-fill territory, below, as the market waits on what could be an imminent deal out of Greece.  course, the entire Greek/Euro saga could be one big red herring, with more ominous issues lurking below the surface which may not rise until after Labor Day when the traditionally bloody months of September and October rear their ugly heads. 

Of course, the entire Greek/Euro saga could be one big red herring, with more ominous issues lurking below the surface which may not rise until after Labor Day when the traditionally bloody months of September and October rear their ugly heads. 

But, for now, we have an oversold S&P 500 Index working off that condition via an opening gap and subsequent churn. I am still looking at the VIX ETFs, such as UVXY, for potentially signs of change, after so many traders have assumed that every single volatility spike is to be shorted after the last few years.

If UVXY can clear $43.30 again today I suspect we could see a surprise secondary pop in volatility. 

I am also keeping an eye on Treasuries to see if bond bulls can muster even a modest snapback rally into the holiday-shortened July 4th conclusion of this week. Failure to do would reinforce how impotent bond bulls have been rendered after ruling the roost for quite a long time.