ESH15 – March E-Mini S&P (Last:2063.00)

Greece gets bailed out, oopsConflicting news about Greece drove index futures batty for a while Wednesday evening. Immediately after the day-session close, the E-Mini S&Ps took off on mistaken news that Greece had accepted Germany’s bailout terms. The ensuing 18-point rally spiked to 2079.50, just inches from the 2081.25 target we’d been using for the last couple of days. Armed with that Hidden Pivot, a dead-eyed subscriber in the chat room reported getting short at the top, calling it “the quickest buck I have ever made”. The plunge he was able to leverage was good for a 20-point ride, but the futures have bounced a little since, even though it is now official that Greece and Europe still don’t have a deal. Will we be able to stand the suspense until Monday, when the talks resume? Since we have higher targets outstanding, my hunch is that something that at least looks and quacks like a deal will be announced next week. Greece and Wall Street may celebrate the announcement if and when it comes, but we shouldn’t kid ourselves that whatever has transpired will allow Greece to come off the respirator. In fact, and as we well know, nothing of substance will have changed.