Stock futures start the Friday session in positive territory.
Is it the Brontosaurus Top?
Here are this mornings reads:
If the today's stock market was traded on a Football field, the whistle would have been blown less than an hour into the trading session. It was unabated to record high stock prices, with prices barely pulling back for traders who where waiting for an entry.
It was after lunch time until stocks started to drift lower, but not before doing setting the tone for the session. It was not a market to be reckoned with today, Greece Default or not. Prices were heading higher.
I just can't help but look at the 20 year $SPY chart and not see a giant Dinosaur chomping on the current action. Amazing to see hungry investors at record highs. Where were you at 2009 lows?
Let's face it. Some of the action is the corporations themselves. They weren't hungry back then. But they are buying back their own stock today more than ever before, kind of like a 38.356 ton Brontosaurus:
For six years the Greece Crisis has hung over the stock market, creating temporary rifts in the record high stock price continuum. Mainstream media talked of a Greece Default as being a cataclysmic event, triggering a series of enormous dominoes, that would send the entire global economy into a depression. Greek yogurt, Greek Olives, Feta Cheese would be in short supply. Financial institutions would gum up amid excess yogurt curd. It would be one hot mess.
Today we are one day closer to this cataclysmic event, that hot mess of fermenting aged Greek by products. The stench of rotting olives and moldy cheese cling to the streets of Greece, ready to spread throughout the Eurozone. The Greeks are set to do the unthinkable.