The DOW came out the gate in positive fashion after a dovish Yellen at the FOMC meet where her note was ‘markets should not be fixed on the first rate rise but the pace of them after’ – combined with this was a tame CPI report and a mkt beating jobless claims number. The bulls wee in bouyant mood, even Greek uncertainty was put to one side, then the Philly Fed number broke – another good number, the mkt was even in shock at all this good data or the bears were back in the cave. The Dow took another leg higher, Europe had rebounded to close higher, the champagne was on ice, then news came of an aid package agreement for Greece at the EG meet, the Dax futs surged the Dow took yet another leg higher to its days highs +250, the NAS was at a new record, could it get any better ? NO was the answer, Mrs Merkel played down any deal – all gains were retraced on the spike however the bulls wouldn’t be denied and as the dust settled all 30 Dow stock closed higher led by 3M. Overnight in ASIA China is down by 3.5% and in correction territory (10% off highs) as the IPO mkt is taking all new money away from existing listings. The rest of the region is in positive led by the ASX down under with the miners helped by the iron ore price and commods in general. Elsewhere in the region the BOJ stuck to its guns at its rates meet which disappointed some but with the FOMC aiding and the Yen off its highs the market closed with healthy gains as has the Kospi and Hang Sang. The commodity sector had a robust day y’day and trades flat overnight as the weaker $ saw Gold take out $1200 which is where it trades in quiet and narrow trade in Asia as does Copper and Silver. WTI/Brent trade with very modest losses however WTI is above $60 despite the outlook of weaker demand and the world swimming in black gold. In the FX space the DIXY trades just above the flat line after being hit by the FED y’day, EUR and £ retreating from recent highs whilst the Yen is above 123 – Aussie/Kiwi on the back foot. A quiet day on the data front, CAD data later but its all about Greece, an emergency meeting has been called for 6pm Monday, the Greeks are bullish (bull$hit more like) whilst futs are called flat. We have futs/opt expiry which will add to the vol. Good luck and enjoy the weekend.