If Greece was keeping risks trades on the back foot then they're certainly on the front foot now
The S&P is a whisker away from the May and all time highs at 2131 and the level has proved itself as resistance often
S&P daily chart
Whatever the wobble it was only worth around a 3% correction from those main highs and you've got to go back to Sep/Oct (9.84%) last year to get anywhere near a 10% correction. That hasn't happened since the May/Jun period in 2012 which brought a 10.50% move south from the then highs around 1420
All trends need a good refresh now and then so we may be building towards another one. If the prospect of Fed hikes can't shake the loose money crowd then we'll be set for more gains
Outside of the US caution should perhaps prevail as the commodity moves could be the start of another bout of shifting flows across commodity economies and emerging markets, like we saw in the taper tantrum days
