Markets opened lower this morning and SPX sliced through the 200 dma and plunged to $2044 before bouncing. SPX traded higher in the afternoon and made a final push higher from about 2:30 ET until the close of trading. SPX closed at $2081, up $13 on the day and well above the 200 dma at $2055. RUT followed suit, but traded even more bullishly, closing up one dollar at $1248; RUT's 200 dma is at $1204. Volatility pulled back nearly a full percentage point, with the VIX closing at 16.1%.  Trading volume spiked higher with 2.5 billion shares of the S&P 500 stocks trading today. Trading volume rose 26% on the NYSE and rose 23% on the NASDAQ.

The semi-official, or traditional start of the earnings announcement cycle starts Wednesday after the close with Alcoa. That string of announcements may take the attention off of Greece.

The only significant economic news was the May JOLTS job openings report at 5.363 million, up from 5.334 million. That doesn't look like stimulus for a buying spree. What about Greece? All of the articles I have read suggest Greece isn't offering anything new at the bargaining table, and the major powers in Europe are losing their patience with Greece. But we see a strong bounce here in our markets on stronger volume. Is this the beginning of a reversal higher?