A.M. Update

Good morning.

Other than China's asset bubble that has seen the Shanghai Comp. +1.69% overnight, the rest of the world is trading on virtually any Greek rumor and there are so many I think if I were to waste my time reviewing all that is out there, by the time I was done writing they would all be old news with a whole new set of rumors.

The punchline is that Greece and the Troika are said to have submitted plans to the other, but the belligerent Greek tone seems to give away the only truth there has been since this all started with Syriza and that is, things aren't going well.

S&P (ES) futures fell as much as 7/10ths of a percent in overnight/early a.m. trade on Greece...

 ES overnight losing -.70% and then popping back up again on rumor/counter rumor, mostly unsourced.

The $USD took a pretty good spiill overnight on Euro strength, although I expect some more volatility, the $USD should be headed much lower over the weeks ahead.

Oil flew higher on the weaker $USD, but look at that 3C divergence in oil futures right now sending it lower.

And 30 year treasury futures lost more ground overnight , but appear to be getting close to oversold so I'll likely be wrapping up the TLT put position today.

S&P prices are not so far from last night's proposed stop run below the flag seen in last night's Daily Wrap so while I'm still not married to that theory, it does look to be the most probable at the moment with the information we have.

We'll keep on looking, but it may just be that Greece rules the market this week on any rumor. Meanwhile we should still have opportunities like transports which were posted yesterday, although they are not quite ready, there are quite a few watch list assets that are ripening nicely.