The markets started lower ....and went lower, down over 100 points at one point. Well, the bears had their chances right there but they couldn't take it. The green finish in all the three indices is bullish indeed. No two ways about that. A day like this would make me very confident being on the long side but.....Yes, dear readers there is a but.
Amazon and Microsoft both beat expectations after hours but that couldn't stop their stocks from falling. This shows how small the margin for error is in these markets after the run up we have had dear readers. I would still advise caution until we make new highs. The odds are still on the long side till that happens but I would keep a sizable cash position too.
Personally speaking, I couldn't watch the markets until noon except for the first five minutes. Seeing the markets down considerably and knowing that it was due to the Greece crisis, I placed a buy limit order for PAL at 4.80 which got filled while I was away. I was confident that the Greece crisis will not affect the markets. Greece is not too big to fail but it is too important to fail. Greece going down would be a really bad advertisement for the Euro and the Euro nations are not going to let that happen. That is my thinking at least. I also got in and out of PMI at 6.51 and 6.56 respectively. I am still long SWC and NEP. I haven't got the time to run my scans tonight, so am just going with the stocks I am already familiar with. Its been a decent week so far and I intend to end it that way tomorrow.
Take care and good luck tomorrow!