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Two Ways to Play: EU Reaches a Deal With Greece


Strengthen your portfolio in good times and bad.

EU and Greece Agree

Top story this morning: The European Union has reached a deal with Greece.

According to Reuters, European Union Commission President Jose Manuel Barroso, French President Nicolas Sarkozy, German Chancellor Angela Merkel, European Central Bank President Jean-Claude Trichet, and Greek Prime Minister George Papandreou have all come to an agreement for a rescue deal with Greece.

Merkel said, "Greece won't be left alone but there are rules and these rules must be adhered to. On this basis, we will agree on a statement." More details of the agreement will be available after the group communicates with the rest of the EU leaders.

From the Bull Pen: Bullish sentiment on the USD is at the highest since the end of 2008. Now with the EU situation likely coming to a resolution, consider the currency shares euro ETF (FXE). A sell stop can be set below recent lows ($136).

From the Bear Cave: Keep an eye on the S&P 500 depository receipts (SPY) if you believe there will be a type of "sell-the-news" reaction. Until the S&P 500 can surpass 1100 with confidence, it remains in a precarious position. Using the SPY, a buy stop can be set above $110.

For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter.

A Quick Check Around the World

Asian trading closed with the Nikkei (Closed), India 1.45%, Hang Seng 1.85%, Shanghai 0.10%, and Taiwan (Closed).

Across the pond, we see the FTSE 0.61%, CAC 0.41%, DAX -0.46%

As of 8:22 AM EST, S&P Futures are trading +2.75 to 1066.00. Nasdaq futures are +6.25 to 1750.25.

A Look at Commodities

Over in commodities, crude oil is +0.44 to 74.93 while gold is +3.300 to 1079.60 this morning. Silver is +0.075 to 15.375 and copper +0.0490 to 3.0365.

The dollar Index is -0.0550 to 80.0950.

Three-day weekend up ahead! Good luck!
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