part 3 - Defcon 1

3. Today final day for the bull camp, may be Monday but better starting today with shorts as VIX makes very likely a daily 13 count and we should get plenty weekly 13s by next week in sink with some Astro effects starting on Tuesday. Price target of 1125 SPX has been reached as well and for fine tuning you may want to wait for the COMP to close above 2317 on a weekly basis or the VIX to hit 16. In any case next week will have a negative bias so even on a short term view you are pretty save being short if you start building the position today

4. Greece will be some trouble next week as the riots will increase with this stupid austerity program ( destroying Mainstreet's purchasing power in a depression is probably the most stupid thing to do). They should rather go after the taxes which most business people and selfemployed do not pay and cut the military budget. Since if Turkey wanted to attack they had no chance anyway - which they do not - so what the hell do they need F-16 fighters for.

excerpt

Clashes at Greek Protest Against Austerity

Masked youths attacked the leader of Greece's biggest union and stoned police Friday in an outbreak of violence over cutbacks proposed by Prime Minister George Papandreou, who was abroad seeking seek European leaders' support for his efforts to defuse the country's debt crisis.

Riot police in Athens used teargas on rioters while masked youths chased ceremonial guards in 19th-Century kilts and tasseled garters away from the Tomb of the Unknown Soldier outside parliament. It was the biggest outburst of violence since the rioting that gripped Greek cities in 2008.

CNBC.com

More than 7,000 demonstrators gathered to protest the euro4.8 billion ($6.5 billion) austerity package, which will hike consumer taxes and slash public sector workers' pay by up to 8 percent.

Inside parliament, lawmakers debated the draft austerity law, which is expected to pass despite almost blanket opposition reaction as the governing Socialists hold a strong majority.

Papandreou met in Luxembourg with Prime Minister Jean-Claude Juncker, head of the group of eurozone finance ministers. Later Friday, he will hold talks in Berlin with German Chancellor Angela Merkel.

Demonstrators attacked the two military guards and their escorting officers, smashing windows and kicking the guard posts. Masked youths then attacked the head of Greece's largest trade union who was addressing the crowd.

GSEE head Yiannis Panagopoulos traded blows with the rioters before being whisked away bloodied and with torn clothes.

GSEE and the ADEDY umbrella civil servant union held work stoppages to protest the austerity measures, while hospitals, schools and public transport were closed down.

Further violence broke out later Friday in Athens, with masked youths attacking riot police inside the Council of State, Greece's highest administrative court, and trying to break into the Labor Ministry. An earlier protest ended peacefully, while there were smaller clashes during two protests in Thessaloniki, Greece's second-largest city.

The center-left government says it is seeking a total euro16 billion ($21.87 billion) in savings this year, to reduce a bloated budget deficit of some euro30 billion that is over four times the EU limit as a percentage of annual output.