How many scenes and acts will there be for this Greek play? Answer: more than Wagner's Ring Cycle. That said, stocks rallied modestly on the news of another "deal". The current deal will be dissected many times before the EU will really know what's in it probably. The citizens of Athens won't like anything being done by the politicians or their EU overlords. So we move on to the next deadline on the roadmap to eurozone serfdom.
Gold prices were flat on the day and copper prices fell which didn't seem bullish given the rather flat dollar and bullish stock market tone. There were some strange occurrences in trading in crude oil futures which were up sharply on the day. The CME needed to halt trading and perhaps there was some HFT algo issues negatively overwhelming USO, UCO and crude oil trading. The market shut for a bit while exchange officials tried to determine what was going on. HFT algos are accidents waiting to happen.
Leading stocks higher were previously lagging small caps (IWM) and transportation (IYT) sectors. Banks (BAC, KBE) and financials (KRE) were also higher. Meanwhile, the solar sector continues to suffer (TAN) and companies like First Solar (FSLR) struggle especially against cheaper Chinese manufacturers. A good earnings report from Diebold (DBD) helped dividend ETFs like SDY.
: Moody's downgrades Portugal, Spain, Italy; France, Austria, UK AAA Ratings Negative. (Of course the market is closed, they're late to this anyway and these agencies have been thoroughly discredited.)
, the Finance Minister of Luxembourg Finance Minister states: "Athens's European creditors can't bring much more money to the table; and, the US must lead In building a bigger IMF firewall -DJ". Right and thanks! You give Greece an ultimatum and as far as we know, they accept and then you renig on your part? Take a hike! That said, maybe Ben will print them some fresh greenbacks. But as I recall the congress must approve more funds for the IMF.
Volume remains quite light as many investors continue to sit on their hands. The level of trust in markets by individuals is still not tempted by a rising tape. Monday's volume was the lowest for a non-holiday period in 16 years. Will the animal spirits return soon? Or, is this the new normal?
Oh hey, did you know I'm on
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