Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. Europe is currently mixed with an upside bias. Futures here in the States are flat.
Yesterday the market gapped up and later went vertical for 50 min when news surfaced from Europe some sort of action would be taken to stem fears Greece would go bankrupt and pull Europe and the rest of the world down. But prices came down off their highs and closed approx. where they opened. Last week’s massive down day was in reaction to the exact same fears, so it’s safe to say no matter what the charts look like right now, until the situation in Greece is handled (along with Spain, Italy, Ireland, Portugal), the normal and natural forces of supply and demand will not be at work. A sudden move up or down can happen with no prior notice.
Here’s the 30-min SPX with two upside levels that may bring some sellers to the market (1080 and 1100). Otherwise the index is range bound between the two most recent high and low. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers