Market sours on Greek risks ahead of the weekend

Not a bad idea to pare risk ahead of the weekend

Greece is in a constant state of flux. Tsipras and the IMF could kiss and makeup by Monday but right now, Athens is refusing to budge on pensions and that's a big problem.

The turmoil caused German-periphery spreads to widen once again and is weighing on Eurozone (and now US) stock markets. That makes sense and unless there is some overwhelming sign of positivity in the next few hours, I don't see how risk assets will get any positive momentum.

That said, the euro has been ultra-resilient for the past two days and that's made it hard to bet against. The best trade on Greek fears, I think, is long CHF.

Cartoonish levels of drama in Greece.