ISDA gets some sense and says CDS will trigger

ISDA Says Greece In Default, CDS Will Trigger

Finally, ISDA gets some sense and states that Greece has defaulted and CDS will trigger. It was obvious to everyone else that any other ruling would have shut the CDS markets down as I had blogged recently here ISDA insults our intelligence.

Cyclical Bull is still riding high

The cyclical bull is not over yet. Money managers who learnt that they have to side step the cyclical bear in 2008 are like the generals fighting the last war. They will have to come back into this market and this will take the market a lot higher.
Bulls will get to do one more victory lap. And after that, it will be all over. The cyclical bear will take time to form and will be very slow but brutal. So, time is now again to trade momentum but keep taking your profits.