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.
At the time of publication, the author was long UUP.

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