The Wrap 6/16/11


Greece was on the front page again today as the market jockeyed for some position. I’d say I’d like to be a fly on the wall during the emergency meetings tonight in Greece, but frankly I dot think i would learn much as they seem completely rudderless and without a clue.

Anything short of a default though, will be spun as good news and we could be close to a rally. This story however, will be on the front page through the balance of the summer as Greece’s immediate funding needs are being addressed, not the big picture.

It’s tempting to want to buy everything here, I understand that, but once you lose the notion that you will pick the bottom it becomes easier to stay away. The time to get long may be right around the corner, but stay patient.

I like energy and materials when the dust settles and select technology like Apple, but I’m not making any big bets on a Friday going into what could be a very nervous weekend regarding Greece.

See you tomorrow.

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