Greeks Vote No: Will Starvation Prevail?
by AL MARTIN (INSIDER INTELLIGENCE)
(7-5-15) With the Greek “No” vote ending in a surprising majority, expect substantial reaction in Sunday night trade. We would expect the Long Bond contract to lift as much as 1-1/2 points in Sunday’s overnight session. However Bonds still being topped on moves above 151. If you’re not already long, be short seller on moves up to 151.12 or higher.
The Aug. Crude Oil backed off in Friday’s holiday session unable to hold a 57.00 close. We expect the back-off in Oil to continue. We are looking for a retest of 54.00 in the Aug. Oil.
Aug. Gold also will react in Sunday night trade, as Euros move lower and Dollars move higher. Expect Gold to back off as much as $10-15, likely coming down for a test of 1150 where we think it would be a buy again for a quick $5 scalp.
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* AL MARTIN is a market trader and an independent political/ economic analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC. He is considered to be a reliable source of independent analysis for financially sophisticated and market savvy investors, as well as Insider Intelligence subscribers who want to understand the behind the scenes working of markets worldwide.