- New Trades -
(July 05, 2015)
Welcome to uncharted territory.
After five years of crisis management, two bailout programs, and over 240 billion euros in bailout funds, Greece has finally defaulted on its debt.
The country failed to make its 1.5 billion euro debt payment to the IMF on June 30th.
Now the country moves closer to an exit from the Eurozone after Sunday's historic vote on a referendum to accept the latest bailout agreement from its EU creditors. The country voted "no" with 61% in favor of rejecting the proposal.
Stocks could see another kneejerk reaction lower on Monday.
The fallout from Sunday's vote could take a few days to settle. Thus I'm not adding any new trades tonight or any new watch list candidates.
A pullback in the market could be a new entry point for us but I don't want to try and catch any falling knives. That is an exercise where traders normally end up getting hurt.