Grecian Formula

We got another Greek special.  Talk about bringing out your dead horses with bat in hand.  All of Greece could fall into the Mediterranean and I doubt the S&P futures would be down more than a few handles!  We got the rejection of the establishment candidate in Greece and now there are fears of an anti-bailout party coming in at the next election.  Greece needs the EU much more than the EU needs Greece.  It still amazes me how much fear was brought up over Grexit, quickly forgetting that there is no growth in Europe, which is the main problem, not Greece exiting the EU.  A bazooka QE by Draghi will make any screams from the Greeks totally irrelevant and fruitless.

We got the gap down on Greece, as the chicken littles are in control today.  It may last for a day or two but I expect another surge higher as the calendar turns to 2015.  Overseas, Hong Kong H-shares had a huge rally, as the recent A-share strength is spilling over into the H-shares.