A.M. Update

Good Morning. It has been an exhaustingly fantastic weekend. Saturday was my birthday and those of you who know my better half, Andrea, know that she's a pretty amazing person and had set up a nice boating trip for us this weekend with beautiful weather. It was a nice reprieve away from the market for a couple of days.


In any case, nothing has changed for the week ahead since Friday's Preliminary "Week Ahead" and the follow-up The Week Ahead post other than some Twitter based rumors that a Greek deal announcement was coming later today, but as usual, it was unsourced and quickly shot down, but that's the way they move the market.

S&P futures pushed higher earlier this morning on Greek deal rumors.

Remember June 5th is D-day when Greece is supposed to repay the next tranche of IMF loans, the last of which it paid, but using the last of its IMF reserves. In other words, Greece used IMF money to repay their IMF loan, but that's all gone now and there seems to be no hint of a deal on the horizon, but it has been this way since Syria was elected so that shouldn't be a surprise, nor should a default come Saturday morning at 12:01 a.m.

As to the week ahead, I haven't seen anything in futures that would change what I wrote above in the week ahead posts, we'll know what's what with the cash market signals, but I'm guessing with a Greek default set for the end of the week and negotiations still ongoing, but going no where, we'll have PLENTY of volatility  rumors and denial. It may just be a very interesting ride that is just a prelude to the next very big and unexpected ride.