MONDAY 7/13/15; Europe and Greece Approve Bailout Plan; Greece PM Tsipras Capitulates; Europe and US Stocks Rally

At 7 AM Monday morning Tokyo time (1 AM Monday Athens time; 12 AM midnight Brussels time; 11 PM UK time; 6 PM EST Sunday evening), Greece is told that it must accept further austerity measures to receive more aid. A rumor surfaces that the IMF has asked for Tsipras’s resignation. Sources close to the IMF say the rumor is “rubbish.”

European leaders extend an olive branch to Greece giving the nation 72 hours to 























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Greece throws a party in Europe and the United States. The session ends with the SPX gaining 23 points, +1.1%, to 2100. The 50-day MA support/resistance level is 2100 so the pivot up or down from this level is very key. The Dow jumps 217 points, +1.2%, to 17978; the 50-day MA is 17973. The Nasdaq is up 74 points, +1.5%, to 5072. The 50-day MA is 5042. AAPL is up nearly +2% pumping the Dow and Nasdaq indexes higher. The Russell 2000 small caps are up 13 points, +1.1% to 1265. VIX 13.90.

After the closing bell, activist investor David Einhorn says NFLX is overvalued and scratches his head as to why the stock moves higher on weak earnings. Einhorn is investing in AMAT and BK. Einhorn exits trades in Altice, CONN, EMC and MRVL.