What???? We are rallying hard on news of Greece getting bailed out by Germany? The fate of the United States and direction of this market all hinges on Greece??? Are you Serious???? OF COURSE NOT!!! Why the market felt it was so necessary to rally on this piece of news is beyond me. And if you are in the same camp as me, then you know that there is no way that in the grand scheme of things, that Greece holds any influence into the short-term or long-term prospects of the US economy. In fact, I would be willing to bet that the great majority of people probably can’t even find Greece on the map – heck, I had to google (GOOG) it myself so that I could at least be somewhat cognizant of this “ground-breaking world event”.

So hopefully you guys (and gals) get my point here – we got a gift, nothing more nothing less, to build up some short positions at a higher price and thereby get ready for another shoe to drop in this market. Greece getting rescued by the Germans has nothing to do with whether or not we are heading back down. The market was simply oversold, and the investors were looking for the slightest piece of good news to rally this market. 

I’m looking for some follow-through tomorrow, and then after letting about 30 minutes elapse from the market’s open, I’ll begin building up my portfolio with a handful of new short positions. Stay tune for the ones I buy, and where I buy them at, by checking in again tomorrow (assuming that the market cooperates and lets me do as much).

Here are the Nasdaq and S&P charts.

 

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