1. VIX did not manage to make the 13 yet as yesterdays strong rise in an extreme low volume day was counterproductive. Also we have on the 8th a special high volatility day as Venus will be conjunct Uranus which is perfect to set the top for now as the Saturn effect has to be given 2-3 days tolerance. The SPX makes a 9 week SD counts which causes at least a consolidation but given the strong recent upside the least will be 1290/1300 we can expect to the downside.
Greece can not afford to obey these rules set by the EU, which does not serve the purpose to heal the Greece situation, they are rather concentrating on the fact that their money is not stolen – which is a decent approach from their angle. Greece has only one real option to heal that is to exit the Euro, stop paying any bonds for now and getting their act together. They will have to fire many state workers as they are overpaid and its pathetic that over 20% of the workforce work for the government. With a decent government they would collect taxes from the upper middle class and the elite as well. The EU should not give any more money to Greece either way.
Sarkozy having his elections close by and his opponent leading in the polls is tempted to play the hero but saving Greece is not an heroic act as Europe has arrived at the condense that there will be live beyond a Greece default with all the money printing by Draghi banks are now roved with enough liquidity to survive the short term fall-out.
Greece may be tempted to promise things it can not keep to buy time and suck in funds but the inevitable fact is their bankruptcy and exit from the Euro zone in the next weeks.