Pressure on Greece looks more likely to lead to a cancellation of the referendum, and the market's resilience yesterday perhaps hinted that this outcome was likely.
Wall Street sank today modestly today as continued European turmoil weighs on investors. Up ahead, the market is watching retail numbers closely along with several key economic data points.
It's decision time for Greece and Italy. Expect a sharp rebound into Friday possibly to DJIA 12,030 (S&P 500: 1255) - a sell off late Friday without good news.
Stocks traded up today after a mid-day surge helped investors generate some gains. All sectors closed higher except Energy, which declined despite oil prices pushing $100 a barrel.
The stock market wants to run - it's like a coiling spring. The economy is picking up, the biggest hurdle is Europe's leaders indecision regarding debt issues.
Wall Street walked a tight rope between gains and losses today until a late report on the European debt crisis derailed at support bulls had for the day.
Greek bailout approved, but worries continue. U.S. market needs a rest, but selected issuers will do well. Nowhere else to put your money if you want a return.
Yesterday's news of a Greek deal was unfounded. These developments could result in a weak market today, with a drop in the major indices a possibility.
A worse than expected Durable Goods report will test the bulls' resolve today. A drop to support DJIA 12,900 (S&P 500: 1357) is likely, but a failure to decline would be very bullish.
After enjoying the bull market in the early months of 2012, investors were alarmed once again by the Greek debt crisis but stronger U.S. economic numbers may help stocks strike a balance.
Correction should continue in a sideways-to-down mode for several weeks even with good Greek news and a peak in oil prices. New buying risky unless expertly timed.
Some, but not all negatives spooking the market can vanish. The impact of foreign recessions on the U.S. is the big uncertainty. The DJIA headed for 12,300 - 12,400.
This is the technical correction I have expected, it needed something to trigger it - oil and economic recovery jitters. Buying opportunity shaping up.
Major crises usually prompt leaders to rise to the occasion with solutions and concurrently create buying opportunities. Almost ugly enough to be attractive.
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