Rumors (or futile hopes) of a deal on Greece's debt drove the market higher at the open today. The markets calmed a bit as the day progressed, but most of the gains held into the close. SPX tacked on $13 to close at $2123. RUT jumped up $8 to close at $1292. Volatility pulled back with the VIX losing one point to close at 12.8%. 1.8 billion shares of the S&P 500 companies traded today, well below the 50 dma at 2.02 billion shares. Percentage losses in excess of 50% on the NYSE and NASDAQ didn't mean much since trading volume was so high on expiration Friday.

The only economic data today was existing home sales for May, running at an annualized rate of 5.35 million, up from 5.09 million. New home sales and durable goods orders come out tomorrow with the final estimate of first quarter GDP on Wednesday.

The bulls seem to be gaining the upper hand after taking a few days to think about the FOMC announcement last week. As long as interest rates remain at near zero, it is hard to see a bearish case for stocks. The soap opera in Greece is causing the market some jitters, but we have had several years to adjust for the possibility of Greece defaulting and leaving the EU. It is hard to imagine those events having much of an effect, unless you bought Greek bonds!