It is increasingly looking like a Greek IMF default is on the cards. Regardless some key markets are poised for big moves. Let us take a look at the Euro first. The Euro has been breaking down from it's recent highs near the 1.15 zone. It appears to be poised for a big move and could head towards either 1.08 or 1.13 depending on Greece.

Trading Idea: Euro 1.09, 1.13 strangle

Next let us look at oil which has also started correcting lower from its highs near 62$.

Can play the next big move likely to 55$, with an outside chance to $60 via the oil 57,60 strangle or via a strangle on the oil ETF USO:

Moving onto gold, Gold seems to be consolidating in the 1200 zone but could easily move to either 1100 or 1250 on news flow out of greece. Like the 115.5, 116.5 strangle on the Gold ETF GLD:

Not to forget the S and P 500, which has been consolidating near its recent highs of 2130. A big move either to 2050 or 2175 appears on the cards and can be played via a 2100, 2150 strangle.