A few years ago (was it 2012?), our markets wobbled a bit as the Greek debt issue was in the forefront of the news. But a deal was reached and life went on. Now new leaders are elected in Greece by promising a return to good times, defined as spend whatever you want and don't worry about paying it back. It makes me wonder if anyone in D.C. is watching this and seeing the writing on the wall? Greece's finance minister is returning from Europe empty handed and the probability of bankruptcy appear to be increasing. Today, Standard and Poors downgraded Greek debt from B to B- (Junk bonds to even riskier Junk bonds). Today's market wasn't ripping higher, but this news from S&P did seem to give traders pause. SPX lost $7 to close at $2055 and RUT lost $3 , closing at $1205. Volatility increased a bit with the VIX gaining nearly a half point to 17.3%.

Trading volume rose to 2.5 billion shares of the S&P 500 companies trading. Trading volume on the NYSE rose 10% and trading rose a whole 1% on NASDAQ.

The jobs report came in at a respectable +257k, but well off the larger numbers from November and December (329k). Unemployment ticked up to 5.7%. But financial reporters appear to be largely of the glass half full perception these days and glowed over the report.

The bottom line is that we continue to trade sideways. Have a great weekend.