No matter where you looked today you could not escape the usual Greek shenigans on the market, as the prime minster of Greece, Tspiras, decided to call snap elections on September the 20th. Now the market had finally gotten used to seeing a strong government in Greece, but this will only add to the uncertainty that is out there at present. In response global equity markets took a sharp dive, and people looked for safety amongst certain currencies; notably the Yen and the CHF.

The FTSE was a quick causality today as it faced a large amount of pressure from the markets over the recent UK data which came out. Retail sales y/y on missed many analysts forecasts as it came in at 4.2% y/y (4.4% expected), a tad bit lower than many had been hoping for. Certainly the impending drop was swift, and this was followed up further by the weakening of Greece yet again which sent equity markets into a large sell-off.

On the charts I am watching the current push down to new support levels at 6233 which will likely create plenty of opportunities for short term traders out there in the equity markets. If Greece goes back to the old rhetoric we could see further faslls for equity markets - as Greece is fine, just people want to tamper with it and think they can get a better deal; which we have seen is not always the case.

Across in the US markets and home sales lifted slightly to 5.6M (5.4M expected). However the real kicker was the recent US employment claims data which came in at 277K, a small jump to the forecasted figure of 272K, but also slightly higher than last month's figures. This will not bode well for the FED which is looking for an opportunity to lift rates.

Metals were the winner here on the charts as the leapt much higher on the news out of the US economy and out of Greece. Gold in particular saw some strong extensions as investors flocked to the safe haven aspect of the metal. Resistance has been quickly found and it will be interesting to see if gold can push through 1154.00 on the charts. If we do see that happen then I could expect a jump to 1166.00.

Silver has also had a bit of a day as it managed to climb but not as convincingly as gold. Nevertheless, it's worth watching to see if we a solid breakout and a good run to this bearish run that has been going on for years.    

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.