A.M. Update

Good morning.

I hate to say I told you so... Wolfgang Schaueble just couldn't resist humiliating the Greeks one more time after the Greek parliament overwhelmingly passed the reforms that would be needed to start negotiations on the 3rd bailout program and bridge funding until then. Schaueble said this morning that perhaps a Greek exit is the best way forward!

In any case, there's really not much in the way of news, the Greek vote was fairly assured to go through, the Greeks are in a far worse situation than before Syriza came to power promising a far better situation and Germany has made it extremely clear who runs things in the Eurozone which now takes on a more ominous tone than before.

As for the market, we also had signs before yesterday's close that the reversal process and possible head fake move were not done and overnight trade has proved that, which is what I was hoping to see as I said yesterday, it should set up some beautiful trades.

ES overnight since yesterday. With a divergence that deep we are likely to see some early weakness, perhaps around the European close and remember we have a second day of testimony from Yellen in front of Congress. I wouldn't expect much but there are a few Senators that should have some interesting questions or statements.

So now that we have the upside move we suspected late yesterday, we'll be looking to see where the opportunities are, confirm that this is the head fake portion and take some strategic positioning when odds are most in our favor.

See you soon, have a great day!