IMF will take the leading role in a possible Greek bailout

New agreement btw Germany and rest of EU: combined IMF and EU aid to Greece would be allowed, if unanimous decision in E-Z countries.

Treasuries taking another nosedive after the agreement and stocks getting hit (hard) too in late US session, but credit spreads are still favoring risk-willing positions. We however don’t like the strong rejection of new highs in S&P500 yesterday with the daily candle closing lower and engulfing almost two days’ trading range. We therefore believe that 1180.69 was the top in S&P500 for now. Don’t expect it to be taken out in the next week, at least.