Ahead of the open, (10-05)

 Yesterday, concluded that it will be a bumpy ride as European ‘headline’ risk will dictate and did it ever today!.  The day was full of chaos as dozens of headlines flowed seemingly every market hour on the subject of Greece.   Unfortunately, it wasn’t all Greece, but instead Spain and the country’s banks that was the focus story with yields climbing over 6%.   EFSF help or not for the banks is the big market question.  To discuss all the other particular headlines is futile, it’s for the continuing ES/ ETF trade for fast traders to whip market around overnight/intraday.  For most investors, the Euro stresses are getting too complex to do anything.

  

All in, what matters is end of day is where the market finishes.  Today’s close was barely at support after rally couldn’t hold all of the reversal.  Although, we’ve been in a range bound trade for weeks, resistance and supports are quite easily penetrated before gliding back.

  

Hopefully, the market will look at the initial claims for some clarity on the domestic side of things.  After last week’s number coming back to stabilization levels of ~360’s K, it will be vital to see this again.   Also, China might get some airtime as it has some data in the next ~24hours.   AMC, CSCO  said enterprise is on hold watching ‘ macro’ issues andPCLN  cited EU concerns as well.   All in, it looks like we’re heading for a long summer as everyone (investors/corporations) are beginning to play the waiting game all over again.