Thoughts: {The Day After}

Greece votes no on accepting the European Union's bailout proposals.  Here's Mohamed A. El-Erian's "10 Consequences".   Everybody "across the pond" now shifts into "Plan B." mode.  Problem is that right now nobody knows exactly what that is.  Markets in Europe are down 1-2% and US futures looking to be down somewhere in between that.  We noted last week that our economy has no real exposure to Greece.  "Business Insider.com" measures that a bit more precisely at exports to Greece at 0.006% of the US Economy.   Probability suggests that the recent choppiness in the market should continue for the next few days and then likely settle down.

The playbook right now says to wait and look for bargains in our different strategies and portfolios. You can read about those portfolios here.  I thought we would get this opportunity last week but that opportunity never occurred as markets seemed poised to continue their decline but then stabilized prior to the Greek vote over the weekend.  We'll see if we get that opportunity over the next few days. Given where we are right now and our current cash levels we prefer to let prices come to us.

Probability right now suggests we see some of stabilization and perhaps a rally in the next few weeks. However, there are enough headwinds building that stocks have the potential to see some rough going as we proceed into the "dog days" of summer.  Stay tuned.....!