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Editor's Note:

(June 21, 2015)

The U.S. market seems especially sanguine in the face of a potential Greek default in the next ten days.

Thankfully if Greece does default and/or leaves the Eurozone it will have little impact on the U.S. economy or the U.S. market. However, a "Grexit" from the Eurozone could roil the European markets and that could bleed over into the U.S.

Analysts are speculating that the European Central Bank would flood the region with more QE to prevent a Greek default from rocking the boat (too much).

The next several days could be volatile. There are two emergency meetings for EU leaders on Monday and these are followed by a two-day EU summit at the end of the week. Traders may take a sell first and ask questions later attitude if the headlines on Monday are negative.

The deadline for Greece to make its 1.5 billion euro IMF payment is June 30th.

Considering the current environment I am not adding any new trades tonight.