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Two Ways to Play: Aid Package on Greece's Horizon


Strengthen your portfolio in good times and bad.

Greece is finally back in the news this morning after Greek Prime Minister George Papandreou requested that European Union leaders agree to a package of standby loans next week at the EU summit.

According to the Wall Street Journal, Papandreou believes that this move would help restore confidence in the country's debt but he didn't specify a size for the package. He also said he would prefer help from the European Union instead of a bailout led by the International Monetary Fund. The formal request now puts pressure on the EU to agree on some sort of aid package to reduce borrowing premiums.

The news sent shock waves through the currency market as the EUR/USD was down by -0.50% to $1.3671, up from an intra-day low of $1.3547.

From the Bull Pen: After scoring a new high two weeks ago, Open Text (OTEX) based last week and has now pulled back for three days to its 20-DMA. The stock could be poised to attack its previous high; those bullish could look to initiate a long position with a stop loss at $47.

From the Bear Cave: Shorting this market hasn't paid for weeks and more over, shorting new highs rarely pays at all. That said, typically before the market as a whole breaks, the individual leaders break. Yesterday Cliffs Natural Resources (CLF) gapped to a new 60-day high before reversing and closing lower. Professor Cooper calls this a "Gilligan's Island sell signal." Those bearish should keep CLF on their radar as a sign to market weakness.

A Quick Check Around The World.

Asian trading closed with the Nikkei -0.95%, India 0.17%, Hang Seng -0.25%, Shanghai -0.14%, and Taiwan 0.49%.

Across the pond, we see the FTSE 0.01%, DAX -0.05%, CAC -0.25%, Swiss Market -0.04%, and Stockholm -0.47%.

In commodities, crude oil -0.43 is trading to 82.78 while gold is trading 1.40 to 1125.40 this morning.

A quick check of the EUR/USD -.0053 to 1.3685 and the USD/JPY -.11 to 90.18.

On the Radar Today


08:30 Core CPI 0.1% cons.
08:30 CPI
08:30 Initial Claims
08:30 Continuing Claims
08:30 Current Account Balance
10:00 Leading Indicators 0.2% cons.
10:00 Philadelphia Fed
04:30 Fed Balance Sheet
04:30 Money Supply





07:30 Elizabeth Duke

Good luck today!
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No positions in stocks mentioned.

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