Similar to last Monday, June 11, if there's a rally at the open, it's probably better faded unless you are very quick. I would once again look to the bond market (TLT) for more reliable indication or confirmation.
Looking ahead a bit further, the G20 meeting might provide some completely false hope but, as usual, will prove once again to be a complete farce, as always. There seems to be a continued drumbeat on QE3 from the FOMC meeting but I believe it would also turn out to be a disappointment for QE addicts. The outcome of Greek coalition government should be clearer in a few days; otherwise it would mean more uncertainty and the risk of yet another election.
So, a "hopium"-based rally could very well last a few days; but I would be enthusiastically on the short side when disappointment sets in.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.