The Chart of the Week

• Posted by Robert Sinn
• on June 15th, 2012

After a week filled with ample noise and news flow the S&P 500 ($ES_F $SPX) has ended almost exactly where it began the week at Sunday night’s futures market open:

 

Yesterday’s SPX 1342 call worked out with almost uncanny perfection (today’s close was 1342.83) – there aren’t many “hole in ones” in this business, however, sometimes (albeit rarely) everything just sort of lines up and goes according to plan.

There is a lot of talk about a “binary” market outcome on Monday with some even talking about +/- 5% for US equities – in my estimation this is wildly overblown. Greece won’t be fixed in the event a pro-bailout government is formed and global central banks have already committed to providing backstops in the event of a Syriza victory. Moreover, Greece is still just a distraction from the core issues of eurozone integration and banking union. Either way next week is likely to be all about central banks and policymakers, not about Greek politics.

 

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