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Intraday Market Notes & Observations - June 14

2:00 pm ET: Everyone is talking about this morning's rally as if it's something special, but if you compare yesterday's intraday support/resistance ranges with today's, you'll note that not much has really changed except for one thing: The VIX is moving higher. What this is telling us is that uncertainty is increasing and rightly so especially in light of this Sunday's Greek elections. Despite the fact that 80% of Greeks say they're all for remaining in the Eurozone, it could well turn out to not be the case. And if that outcome pans out, then all H-E-double toothpicks is going to break lose. On that ugly thought, it makes no sense to take on any new positions unless you plan to divest yourself of them by tomorrow's close because for the near-term, being long is being wrong.