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Berger: Why the S&P 500 will bounce despite Greek No

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Steady Trader Serge Berge is confident that the fallout from the Greek referendum will be contained and expects to see a bounce in the S&P 500.

Greek voters rejected on Sunday the terms of a new bailout from Greece’s international creditors, which saw the euro plunge and oil prices drop.

Berger says overnight volatility is likely to continue throughout the day, but sees no real threat of massive contagion from the Greek vote as many banks have reduced their exposure to Greek debt.

He is looking to buy the index at 2050 with a target of 2075 and stop at 2014.