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Greek Rumors Launches Buy Programs: Dave's Daily

Stocks in this article: AAPLQQQYHOOFDNBACKREXLF

Retail Sales were up but worse than expected (.4% vs .7% expected and .0% previous); Business Inventories (.4% vs .5% expected and .3% previous); Goldman Same Store Sales (-2% vs 1.8% previous) and, for what it's worth NFIB (National Federation of Independent Business Optimism Index) was reported (93.9 vs 95 expected and 93.8 previous). Investors found eurozone issues and economic data wanting and sold stocks Tuesday.

With the market sharply lower suddenly HFT driven buy programs were unleashed at 3:30 PM. A Reuters report stated that Antonis Samaras is "expected" to deliver a letter of commitment to the country's international lenders on Wednesday. It doesn't take much when volume is light to manipulate prices. And, no, you can't make this stuff up! Ahem, so stocks closed slightly higher on the day making up large losses in the last 30 minutes.

Before this late stock rally gained traction, the dollar had rallied and euro sank. This in turn forced commodity prices (gold, base metals, grains, softs and so forth) lower. Bonds on the other hand rallied. These conditions may quickly reverse should the Greek rumor bear fruit. Frankly, with HFT algos in charge of conditions they'll launch buy or sell programs with impunity knowing light volume will maximize their impact. The fee conflicted NYSE and others don't wish to stop them.

The strongest sector was technology led by Apple (AAPL) which was also much higher late. This may have been another stimulus due to an upcoming speech by CEO Tim Cook at the Goldman Sachs technology conference. Apple's great performance may mask underlying market weakness.

Volume was slightly higher on buy programs but breadth overall remained negative.

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