Wednesday, June 29, 2011

Traders seem quite unconcerned about the possibility of any negative news out of Greece, although I think the mid-term plan will be voted. The euro strengthened against the U.S. dollar and that helped a lot.
I don't expect a straight-up recovery like the ones in March or April. There is a very different fundamental environment out there now.

Enjoy the bounce while it lasts, but be careful. After two days of gains, the talking heads are going to start getting louder about how the worst is over and a bottom is in.  I wouldn't bet on it yet.

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