EUR

I'll stay with my charted course but feel free to go long at the close.

Note that these are only my rationale and I realize I could very well be wrong.

1) Any bailout package has to be led by the IMF, but must include EU participation as well. This creates a very difficult proposition, in my opinion. The IMF will come in senior to the EU, which will be a tough sell, assuming the EU can even participate legally in any form of bailout, IMF led or not.
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7591027/Greek-aid-in-doubt-as-German-professors-prepare-court-challenge.html

The EU part of the bailout is not yet ready, assuming it will ever be ready.

2) The U.S. has veto power at the IMF and will likely not allow a bailout until the EU portion is committed. See #1 above. The U.S. will see the responsibility of assisting Greece as being the EU's.

3) Even if #1 and #2 occur, the IMF will likely impose harsher austerity measures on Greece than the ones currently in place. See Latvia (2009). Greece will resist even more than they already are now.

4) The May 19 deadlines does not address CURRENT nor does it address future bills. It is to repay money already spent. The realization of this will set in even deeper the closer we approach and the more difficult bailout coordination becomes.

Enough of these monkey shines.

Yes, I am taking advantage of today's run up as a cushion that will be eaten into once disappointing news over the weekend is released.

I could very well be wrong. I have been wrong many, many times before and this won't be the first. The market is the harshest critic of them all.

Global tactical asset allocation or GTAA or shecat in arabic slang

Anybody who has ever been to greece will know the most often used word is "AVRIO",which means tomorrow though more often means some unknown time in the future,which is pretty much how the whole greek debt crisis has been panning out.Everything will be worked out avrio!!!!