In case you left your Greek crisis play book on your desk over the weekend, you will be happy to know that the game continues to play out according to script on this fine Monday morning. Fo reveiw, stocks sold off into the close on Friday on fears that a deal with Greece wouldn't get done in time to stave off a default (how many times has that been written since 2010?).

At issue Friday was the fact that Athens had failed to provide any new proposals designed to make swallowing yet another bailout deal for Greece more palatable. Not only had Alexis Tsipras and Co. failed to offer up anything new, the government was seen pounding the table and stomping their feet about "enough being enough." Therefore, come Friday afternoon, it appeared that neither side was interested in budging an inch.

As the chart below clearly shows, the modest selloff on Friday left the stock market stuck in the same ol' range that has been with us for many moons now. In short, no news, meant no change on the charts.

S&P 500 Index - Daily

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However, cooler heads appear to have prevailed over the weekend as Greece did manage to submit some new proposals in a bid to clinch a deal. Therefore, and as the the play book calls for, stock futures are moving higher in the early going this morning.

The WSJ reviewed the new Greek proposals submitted over the weekend, noting that instead of significant cuts to pension spending and sharp increases in a Value Added Tax, the new proposal relies on reducing exemptions in the tax and social-security system and raising taxes on corporate profits and middle-class incomes. The article suggested that Greece is offering to cut pension spending by around 0.5% ...

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