Market Review, June 30, 2015

The drama in Greece reaches the peak moment.
Since yesterday and up to the end of the week, Greece decided that her local banks will not develop as well as the local stock market, when the day is a day on which the deadline for Greece to transfer 1.7 billion dollars to the IMF, otherwise Greece will become insolvent and will have no funding.

Yesterday, German Chancellor Angela Merkel argued that the dissolution of the Euro will lead to the disintegration of the whole continent.
Her words with the possibility that Greece will leave the Euro zone, led to a price declines in all markets worldwide.

The European stock markets posted the sharpest daily fall in eight months, Frankfurt dived by 3.6% and that was the sharpest daily fall since 2011, Paris fell by 3.7% and London fell by 2%.
The Wall Street stock markets fell by the sharpest rate since April 2014, and wiped out all the gains of the year.
The NASDAQ Composite fell by 2.4%, the Dow Jones fell by 2% and the S&P 500 fell by 2.1%.

The credit rating agency Standard & Poor’s lowered Greece’s credit rating to CCC minus, compared with CCC, and expects no real significant changes in Greece conditions.
Greece is expected to become insolvent within six months and the agency puts the chances of Greece staying in the Euro zone by 50%.

The contracts for WTI crude Oil closed yesterday at a three-week low.
The price of the Oil went down by 2.2% and closed at 58.3 dollars per barrel, after that sharp declines in world stock exchanges due to the financial crisis in Greece, intensified the fears of a slowdown in demand for energy.

As usual in times of crisis, the Gold serves as a safe haven and yesterday his price climbed to its highest level this week.
The Gold futures for delivery in August closed at 1,179 dollars an ounce, up 0.5% at the Mercantile Exchange in New York.

Yesterday afternoon, the Euro recovered from a month low against the US dollar, and from his decline against other major currencies also eased,against the backdrop of expectations that the European Central Bank (ECB) will succeed to contain the damage in case Greece will leave the Euro zone.

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The stock is in a clear upward trend.
Last week the stock broke up a resistance area, at around the level of 85.60.
After this break, we have seen a downward technical correction, in which the stock examined the hacking of the resistance area, which now serves as a support area.
Yesterday the price of the stock closed at a price level of 85.80, near the support area, as during the day the stock fell to the level of 85.73 but failed to break down the support.

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Our tendency is to look for CALL option trade.
The entry will be at the start of the US trading day, at 14:40.
The expiry will be to the end of the day, June 30 at 20:00.