A negative ‘Greek’ tone over the weekend carried into European bourses down >1% and US open. Numerous wire hits related to European sovereign issues started to peter out early morning (some positives on Ireland/ Greece /Italy ) and European markets reversed/ Euro rallied and US market followed to day highs by lunch hour. Simply…that’s all folks!. Nothing else and nothing more. Although, wires headlines were positive, there was nothing substantial in respect to Tuesday’s ‘vote’ or anything new and/or significant on bailout package. Market traded sideways once Europe was closed.
All in, the same trends exist - buyers are not going to work (volume was ‘holiday’ like )and market couldn’t push to day highs by close showing single stocks are still not of interest. Still, some nibbling is taking place 1279-1249, so a constructive bottoming process continues seemingly.
It seems there is always something curtailing a broad sector move, today it was tech (SOX) related as far as important leadership sectors go. DJIM’s 20% +EPS growth retail plays ( LULU, UA, FOSL>4-5%) were outperformers.
If market gets through Greek ‘vote’ safely (optimisim grew today/ PM securing support), focus hopefully will turn to FOMC /Bernanke press conference and afterwards a kick off to some earnings (FDX, ORCL types) to monitor corporate America for a change.